Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact

EIA reported a build of +18.161Mbbls in crude last week, US crude inventories rose by 18.161Mbbls last week (commercial: +18.961Mbbls; SPR: -0.8Mbbls). The private API reported a massive 14.865Mbbl build prior which the market has largely dismissed as the result of either missed data collection or refinery downtime due to the freezing weather event. Gasoline added 4.114M bbl. Refinery utilization rose just +4.5% still well under the fell 12.4% for the week ending 12/31 due to arctic freeze. US total … Continue reading “Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact”

Around The Barrel – Crude Oil Builds with Refinery Utilization Down 12.4% Due to Arctic Freeze

EIA reported a build of +1.694Mbbls in crude, gasoline dropped -0.346M bbl. Total oil and fuel exports 10.55MMbpd, production was 100kbbls higher. Refinery utilization fell 12.4% for the week ending 12/31 due to arctic freeze. Weekly refinery runs fell by 2.329mbpd w/w to 13.820mbpd. US total crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001. US benchmark crude oil futures have sold off since the … Continue reading “Around The Barrel – Crude Oil Builds with Refinery Utilization Down 12.4% Due to Arctic Freeze”

EIA Reports Large Crude Oil and Gasoline Builds with Refinery Utilization -3.3%

The EIA reported huge builds, crude oil stocks drew +10.231Mbbls, gasoline +4.496Mbbls and Distillate +1.364Mbbls with help of -4.700Mbbls from the SPR into the crude oil market. Cushing stocks fell +0.426Mbbls. SPR is the lowest level since March 1984 down ~206.7Mbbls YTD. US total crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001. Oil prices continued to rise further from last Friday’s low $70.35 to … Continue reading “EIA Reports Large Crude Oil and Gasoline Builds with Refinery Utilization -3.3%”

Heading into US CPI Gasoline Prices Down 35% From Manic Peak

Gasoline prices have fallen over 35% after having soared at the end of last year as supply fell and the economy grew, then came the Russian invasion of Ukraine and the surge in prices. For the fifth consecutive week, the US average gas price fell, down 14.4 cents from a week ago to $3.21 per gallon today, falling below its average of $3.36 from last year, according to GasBuddy data. Gasoline prices have been one of the largest components to … Continue reading “Heading into US CPI Gasoline Prices Down 35% From Manic Peak”

EIA Reports Huge Petroleum Product Builds, Gasoline +5.319Mbbls, Distillate +6.159Mbbls

The EIA reported huge product builds, Gasoline +5.319Mbbls and Distillate +6.159Mbbls while crude oil stocks drew -5.186Mbbls with help of -2.100Mbbls from the SPR into the crude oil market. Cushing stocks fell -0.373Mbbls. WTI oil prices however continued to sell off after the release trading to a new low of $72.42, not seen since its Dec. 23 trough of $72.27 as global recession concerns overhang the demand picture. SPR is the lowest level since March 1984 down ~206.7Mbbls YTD. US total … Continue reading “EIA Reports Huge Petroleum Product Builds, Gasoline +5.319Mbbls, Distillate +6.159Mbbls”

Diesel is THE Energy Cyclone, Not Coal, Natural Gas or Coal

Politicians and non-energy analysts wax lyrical about Gasoline, natural gas and oil. What is scary is the ignorance about the state of the distillate or diesel marketplace. It is dire and has seemingly passed by administrators from the US.’s Biden to much of Europe with policies with no mind to potential unintended consequences. US inventories are likely at the end of the heating season to be 40-year lows. America has been the swing producer for Europe and US refining capacity … Continue reading “Diesel is THE Energy Cyclone, Not Coal, Natural Gas or Coal”

RV Maker Winnebago Profits Top Estimates in the Face of Record Gasoline Prices

Leading RV maker Winnebago reported better than expected third quarter (May) earnings on Tuesday before the bell. Earlier in the month Thor Industries, $WGO’s top competitor also reported solid earnings and revenue in its report. While conditions are unfavorable with rising interest rates raising the cost to finance an expensive RV purchase and record-high gas prices increasing the cost to operate an RV. Supply chain shortages hampered production and delivery. However there does appear to be a new generation of … Continue reading “RV Maker Winnebago Profits Top Estimates in the Face of Record Gasoline Prices”

American Gasoline Prices Hit Record High $5 per gallon

With Summer on its way and school holidays just started the price of U.S. gasoline averaged over $5 a gallon for the first time on Saturday, data from the AAA showed. Just yesterday we learned that U.S. Inflation hit 4O year highs as food and energy prices soared in May higher than expected. US consumer inflation continues to rise, prices for energy jumped 34.6% from a year earlier, Gasoline is +48.7% for the year. The national average price for regular … Continue reading “American Gasoline Prices Hit Record High $5 per gallon”

Russian Crude Oil, Who Is Still Buying It and Who Stopped

With the Russian invasion of Ukraine who is still buying Russian Crude Oil and who stopped? Australia, Britain, Canada and the United States have imposed total bans on Russian oil purchases, The 27-member EU bloc is divided over whether to impose a ban that can affect about 27% of its imports and with oil prices soaring concern is for how to accommodate refineries that are landlocked and almost completely dependent on Russian crude supplies via pipelines. Russian Oil Fun Facts … Continue reading “Russian Crude Oil, Who Is Still Buying It and Who Stopped”

RV Maker Winnebago Profits Drive Higher With Remote Work and Freedom Seekers

Leading RV maker Winnebago reported better than expected fourth quarter (Aug) earnings on Tuesday before the bell. Thor Industries $THO, $WGO’s top competitor also reported solid earnings and revenue in its JulQ report from the easing of travel restrictions & lockdown inspired off-the-grid living.