Oil Supply Rises…..Due To Imports – ValueWalk Premium

Oil Supply Rises…..Due To Imports

We really should not be importing oil…..we have plenty in the ground here

Q4 2022 hedge fund letters, conferences and more

skeeze / Pixabay

“Davidson” submits:

  • Total US Crude Inv rises 18.2mil BBL(a rise of 19mil BBL working inv & decline of 0.8mil BBL SPR) US Crude Production rises 0.1mil to 12,2mil BBL/Day, US Crude Imports rose 2.7mil BBL/Day(18.9 mil BBL/Week), Fudge factor was 0.83mil BBL/Day(5.8mil BBL/Week)
  • Refined Prod Inv rebounded with a rise in refining as refineries that went off-line Dec 23-24 partially returned to operation. US Exports Refined Prod have returned to the rising trend line

The big story in this report is the rise in US crude Imports which are fully responsible for the rise in Total Crude Inv. Note that the working inventory which had been below the long-term trend was brought essentially back to the trend line (see Total US Crude Inv…chart)

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