Oil Inventories Including SPR Continue to Fallvalueplays
Every chart says the same thing…..oil prices are going higher….
US Crude Prod unchanged at 11.9mil BBL/Day, US Total Crude Inv declined 5.2mil BBL(working inv rose 2mil BBL & SPR declined 7.3mil BBL), US Crude Imports rose 1.7mil BBL/Day(11.9mil BBL/Week, Fudge factor of -0.184mil BBL/Day(1.29mil BBL/Week)
All Refined Prod Inv fell with US Gasoline Inv declining 0.7mil BBL as even as US Exports of Refined Products declined. Some rise I Jet Fuel production vs a decline in Diesel Fuel production
US continues to import crude for Domestic consumption and refined product exports. Refining rose a little but it appears SPR releases and imports are keeping domestic crude production flat. Government policies continue to weigh heavily on domestic fossil fuel industry.