This really isn’t good…..

“Davidson” submits:

• US Crude Prod declines 0.1mil to 12mil BBL/Day, Total Crude Inv declines 11.4mil BBL(a decline of ~3.3mil BBL & 8.1mil BBLin SPR), US Crude Imports declined 0.7mil BBL/Day(4.9mil BBL/Week), Fudge factor of 0.636mil BBL/Day(~4.45mil BBL/Week)
• US Gasoline and other refined prod inv remained stable while Refine Product Export rose a little, UD Refinery Inputs unchanged.

US crude inventories continue to decline at a fierce pace which is revealed whenever crude imports slow. March 2021 marks the current administration’s inception of SPR releases. To date the SPR is ~30% lower.

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