“Davidson” submits:
US Oil Production rose by 70,000 BBL/DAY
Imports rose to new high of 9.37mil BBL/DAY
Total US Production+ Imports rose to 18.35mil BBL/DAY(historical high)
Refinery Inputs fell sharply to 15.8mil BBL/DAY down sharply from early Jan level 17.1mil BBL/DAY-likely due to seasonal maintenance
Crude Inventories rose by 13.9mil BBL
Wkly Ending Gasoline Stocks remain high
Exports of Refined Petroleum Products rose by 640,000 BBL/DAY in a rising trend
Net/net, this is the seasonal shutdown period with inventories rising in response. Important to note is the persistent rise in Exports of Refined Petroleum Products which supports viewing this as due to demand from a growing global economy. Rising trends are seen throughout multiple economic indicators.
