US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (Two Tables and 10 Charts)
MAIN TAKEAWAYS
The EIA reported the largest commercial crude oil withdrawal on record (See Figure 10), yet oil prices declined significantly, especially WTI.
No oil was released from the SPR last week.
After the “adjustment” hit an all-time high at 16.9 mb the week before, the adjustment shrank significantly last week. The problem is not only high adjustment but also the high level of fluctuations of the adjustment. Data deterioration in the energy markets is getting worse.