Archives of “Crude” categoryrss
- Prior was -5068K
- Gasoline -812K vs +1075K expected
- Distillates +2592K vs +1060K expected
- Cushing -1593K vs +256K prior
API data released late yesterday:
- Crude +1845K
- Gasoline +1821K
- Distillates vs +3376K
- Cushing vs -1839K
There is a bit of evidence of some loosening in the crude market here but it’s one week of data. Gasoline remains extremely tight with inventories 10% below the long-term average.
- Sees 2022 US output increasing 730k bpd vs 720k bpd a month ago
- Sees 2023 output increasing 1050k bpd vs 940k a month ago
We’ve had oil prices surging and these numbers just highlight how difficult it is to bring on production. 10,000 barrels per day in nothing and even adding 1 million barrels next year won’t move the needle as the 1 mbpd release of the SPR runs off.
WTI crude is trading at $119.22 today, up 85-cents.
- MS say that under their bull case the upside estimate of $150/bbl
- Saudi Arabia raised prices sharply for its crude sales in July, an indicator of how tight supply is even after OPEC+ agreed to accelerate its output increases over the next two months.
Yep. I described the hike in output last week as a ‘drop in the bucket’.
According to state n crude oil production crude oil production ews agency,
- Iraq oil production will increase to 4.58 million barrels per day as of July following the OPEC+ decision
Oil production is currently at 4.44 million barrels per day
- Crude oil draw of -5.068M vs. -1.35M estimate. Private API showed a draw of -1.2 million
- Gasoline draw of -0.711M vs 0.533M estimate
- distillates draw of -0.530M vs. estimate of 0.990M
- Cushing build of 0.256M vs -1.061M last week