Crude inventories declined again this week
Excess crude inventories, as measured by seasonally-adjusted days of turnover, have fallen by 39 mb since early March, now only 13 mb
Product inventories are normal
Crude and key product inventories, taken together, are up 7 mb to 10 mb this week, as measured by seasonally-adjusted days of turnover terms.
SPR draws continue at 290 kbpd this past week. Why?
Refined products supplied was softer this week, with gasoline down but diesel holding up
There is still no recessionary signal in the US data today, although this week’s consumption (supplied) data was a bit light
US crude and condensate production rose by 0.1 mbpd to 12.3 mbpd, materially unchanged in the last ten months
Oil prices have tanked
This is pure financial panic
The futures curve continues to signal normal balances going forward
Panics can resolve organically. Or they can be a harbinger of a pending financial crisis. Take your pick.