Weekly Oil Data

Inventories, Exports, Imports, and Refinery Utilization

MAIN TAKEAWAY

• There has been another release of 2.0 mb from the US Strategic Petroleum Reserve (SPR) as part of the 26 mb congressionally mandated sales for this year. As we mentioned last week, all the remaining releases have already been priced in. 

• Gasoline and distillates inventories remain at critically low levels.

• The EIA is still struggling with the large adjustment number. Despite its investigation and recommendations, the number remains high at more than 9 mb as reported last week. 

• The US SPR draws will stop by the end of June.  Voluntary oil output cuts by large OPEC+ producers, meanwhile, went into effect this month and they are expected to continue until the end of 2023. There is a high possibility that when OPEC+ meets in June, producers could make the voluntary reductions formal.

IN DETAIL (2 tables and 13 charts)