This can’t continue…..
“Davidson” submits:
- Total US Crude Inv declines 3.3mil BBL(1.3mil working and 2mil SPR), US Crude Prod rises 0.1mil BBL/Day to 12.3mil BBL/Day, Adj US Prod holds at 15.2mil BBL/Day, US Crude Imports unchanged, Fudge factor 1.3mil BBL/Day
- US Gasoline Inv unchanged, Jet and Diesel fuels holding at recent levels as Exports of Refined Prod remain near low levels. Refining Input unchanged.
The persistent rise in Adj US Crude Prod per Fudge factor indicates rising Domestic consumption as Refined Prod Inv is steady and Refined Prod Exports remain at lower levels. All signs point to industrials and manufacturing leading economic expansion that is present in other indicators.
The Fudge factor captures crude production not reported in the official US Crude postings normally discussed. The US has production adequate for continued economic expansion and earlier fears of inadequate supply have been misplaced.