Global Macro Perspectives
Crude oil broke out the range to the downside. The move is surprisingly strong despite some positive stock data this week. Crude oil stocks fell 3.8 million barrels; Gasoline stocks rose 2.3 million barrels; Distillate stocks rose 1.6 million barrels; Other oils were down 1 million barrels; Total crude oil and petroleum stocks fell 3.8 […]
Crude oil stocks increased 2.1 million barrels; Gasoline stocks rose 4 million barrels; Distillate stocks fell 1.2 million barrels; Other oils flat; Total crude oil and petroleum products ending stocks up 5.9 million barrels. Refinery utilization rate again below 80%: at 70.66%. Last weeks tick up in utilization caused gasoline stocks rising. Total crude oil […]
Crude oil stocks were 1 million barrels higher than the week before. Gasoline stocks also 1 million barrels higher. Total distillates 0.5 million barrels lower. Other oils stock ended 1.6 million barrels higher. U.S. net imports reached 9.8 million barrels but the rebound in imports coincided with stock increase. Refinery utilization edged higher to 80.25%. […]
Crude oil stocks rose 0.9 million barrels. Gasoline stocks fell 1.8 million barrels. Distillate stocks fell 0.3 million barrels. Other oil stocks edged higher 2.8 million barrels. Total stocks down 4.2 million barrels. Refinery utilization rate has hit the new low of 79.44% vs. 79.93% the week before. Refinery inputs fell to 14 million barrels, […]
Crude oil stocks edged higher 1.8 million barrels; gasoline stocks up 0.8 million barrels; other oils down 4 million barrels; total stocks up 0.9 million barrels. Refinery utilization rate at 79.9% down from 80.6% last week; inputs into refineries hitting new low. Net imports up 0.4 million barrels, at lowest levels in this decade. To […]
I will today start with U.S. petroleum weekly which I will prepare every week based on the the new EIA data.
Most widely followed category – crude oil stocks came yesterday at -4 million barrels vs. consensus of 0.8 million barrels increase. A surprising figure on upon first impression, one warranting crude oil price increase, but if we review the the data in detail we will find that the fundamentals of petroleum supply and demand have not changed and the oil price rise is not supported by supply and demand fundamentals.