EIA data on Wednesday also showed U.S. gas demand still very meh (lowest for the time of year since 2013 - excl. 2020). Crude oil in the Strategic Petroleum Reserve last week fell to the lowest levels since April 1986 - down 16% so far in 2022, down 22% since the start of 2021.
metmike: Continuing evidence of our disastrous energy policies. The SPR is for emergencies..........and we're draining it down because of sustained high prices which will lead to most of it being gone in short order!
Gonna need that oil for the war w/Russia!
No worry matt!
The green fairy energy and unicorn farts will power us (-:
https://nypost.com/2022/06/27/biden-aide-interrupts-as-macron-spills-bad-news-about-oil-crisis/
“I had a call with MBZ,” Macron told Biden, referring to the leader of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan. “He told me two things. One, I’m at a maximum, maximum [production capacity] — what he claims… Second, according to MBZ, the Saudis can increase a little bit, by 150 [thousands barrels per day] or a little bit more, but they don’t have huge capacities at least before six months’ time.”
https://www.investing.com/economic-calendar/eia-crude-oil-inventories-75
Latest Release Jun 29, 2022 Actual-2.762M Forecast-0.569M Previous-0.386M
| Release Date | Time | Actual | Forecast | Previous | |
|---|---|---|---|---|---|
| Jul 07, 2022 | 11:00 | -0.569M | -2.762M | ||
| Jun 29, 2022 | 10:30 | -2.762M | -0.569M | -0.386M | |
| Jun 29, 2022 | 10:25 | -0.386M | 1.956M | ||
| Jun 15, 2022 | 10:30 | 1.956M | -1.314M | 2.025M | |
| Jun 08, 2022 | 10:30 | 2.025M | -1.917M | -5.068M | |
| Jun 02, 2022 | 11:00 | -5.068M | -1.350M | -1.019M | |
| May 25, 2022 | 10:30 | -1.019M | -0.737M | -3.394M | |
| May 18, 2022 | 10:30 | -3.394M | 1.383M | 8.487M | |
| May 11, 2022 | 10:30 | 8.487M | -0.457M | 1.302M | |
| May 04, 2022 | 10:30 | 1.302M | -0.829M | 0.692M | |
| Apr 27, 2022 | 10:30 | 0.692M | 2.000M | -8.020M | |
| Apr 20, 2022 | 10:30 | -8.020M | 2.471M | 9.382M | |
| Apr 13, 2022 | 10:30 | 9.382M | 0.863M | 2.421M | |
| Apr 06, 2022 | 10:30 | 2.421M | -2.056M | -3.449M | |
| Mar 30, 2022 | 10:30 | -3.449M | -1.022M | -2.508M | |
| Mar 23, 2022 | 10:30 | -2.508M | 0.114M | 4.345M | |
| Mar 16, 2022 | 10:30 | 4.345M | -1.375M | -1.863M | |
| Mar 09, 2022 | 11:30 | -1.863M | -0.657M | -2.597M |
Weekly US ending stocks of crude oil.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRSTUS1&f=W
.png)
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Weekly ending stocks for unleaded gasoline.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WGTSTUS1&f=W
.png)
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Weekly US ending stocks for distillate fuel oil(heating oil-especially used in the Northeast).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WDISTUS1&f=W
.png)
CFTC Crude Oil speculative net positionsCreate Alert
https://www.investing.com/economic-calendar/cftc-crude-oil-speculative-positions-1653
Latest Release Jun 24, 2022 Actual289.5K Previous302.9K
metmike: Big funds have been liquidating longs!
Here are the latest gas prices across the country:
https://www.gasbuddy.com/GasPriceMap?z=4&lng=-96.591588&lat=38.10118167223963
https://www.quora.com/Why-are-west-coast-gasoline-prices-higher
The two main reasons are transportation and taxes. Part of the cost of gasoline is what it costs to take refined product and transport it to the end user. Below is a map of the main refineries and pipeline in North America.
You can see that the west coast has a much smaller amount of infrastructure than other parts of the map. As a result, more of your gasoline is refined in places that require it to be shipped by transportation.
The second reason is that the states on the West Coast have used fuel taxes more than the average.
If you add to that state requirements about how the gasoline is blended based on the various state environmental air quality and emissions standards, you can tweak the price again. The addition of MTBE or ethanol seasonally, further adds cost to a gallon.
Both coasts tax their gasoline beyond the norm. Add to that in California they require 2 to 3 times as many fuel mixes as any other state which increases the cost again.
Release Date: Jun. 7, 2022 | Forecast Completed: Jun. 2, 2022 | Next Release Date: Jul. 12, 2022
https://www.eia.gov/outlooks/steo/
Crude down $8. Recession cat is out of the bag!
Crude is below $100 still tonight. Could this be a replay of the Summer of 2008........when crude spiked to almost $150, which caused a major recession and all the markets tanked?
Lot's of things different this time with the war on fossil fuels to fight a fake climate crisis in high gear in the developed countries. ........as well as the war in Ukraine.
