Weekly Oil Data
Inventories, Exports, Imports, and Refinery Utilization (13 Charts)
MAIN TAKEAWAY
We always take the weekly data with a grain of salt. As we have seen today, the news about the release of 1.6 mb from the US Strategic Petroleum Reserve (SPR) has not affected the market as oil prices rose by 2%. Meanwhile, the decline in gasoline inventories remains a concern: it is at its lowest level for this time of the year since 2014. The EIA’s “adjustment” remains large, a sign that the administration is still struggling with it.