Crude oil stocks rose 2.5 million barrels; Other oils stocks rose 1.6 million barrels; Other category of stocks were mostly unchanged for the week ending May 21.
Refinery utilization fell from 87.9% to 87.8%.
Crude oil and petroleum product net imports rose to 11 million barrels. All categories of petroleum stocks are still at extremely elevated levels.
No fundamental improvements, the market is oversupplied, being a believer in further stock market weakens leads to the clear call for the crude oil price – down.
Chart 1. Crude Oil Futures
Source: StockCharts.com
Chart 2. Weekly Change in U.S. Crude Oil and Distillates Stocks
Source: EIA
Chart 3. U.S. Total Crude Oil, Gasoline and Distillate Ending Stocks
Source: EIA
Chart 4. U.S. Refinery Capacity, Inputs, and Production
Source: EIA
Chart 5. Weekly U.S. Total Crude Oil and Petroleum Products Imports and Exports
Source: EIA
