DOE Inventory Thoughts


OK on the surface no big surprises really..but, whats with the draw in crude stocks in Pad 2?
To state the obvious there is direct correlation between Cushing stock levels and the 1st / 2nd mo. contango.
 Refinery utilization is really low 77.7 %,  down from last week.
Demand for products is pathetic, worse than last year,  when we were in the midst of a locked up credit market and a serious equities collapse.
" Over the last four weeks, motor gasoline demand has averaged 8.6 million barrels per day, down by 0.5 percent from the same period last year. Distillate fuel demand has averaged 3.7 million barrels per day over the last four weeks, down by 9.1 percent from the same period last year."
Here's some interesting charts:


Not to mention:


click to enlarge



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