More of the same this week.
Excess crude inventories, as measured by seasonally-adjusted days of turnover, fell 8 mb to 25 mb, a notable fall but to a level in the range seen in the last few weeks
Excess crude and key product inventories (collectively CDG, that is, crude, gasoline and distillate) were largely unchanged at 22 mb, mostly due to soft demand for products this week.
There’s nothing special about these numbers which should move oil prices one way or the other.
Incentive-to-store analysis suggests the market continues to anticipate normal supply/demand conditions for the next year, just as it has since at least December.
US oil production remains flat at 12.2 mbpd. Production is up only 0.1 mbpd compared to a year ago
Oil prices firmed Thursday after a slightly softer patch on Wednesday, with WTI $80.33 at writing.
The Russian Oil Price Cap is facing total collapse, with the Russian Urals price standing at $68.38 on Thursday, well clear of the $60 / barrel cap.