Inventory just keeps falling…….

“Davidson” submits:

• Total US Crude Inv decline 10.1mil BBL(decline 4.5mil in working inventory and 6.6mil decline in SPR), US Crude Prod recovers to 12.1mil BBL/Day, US Crude Imports decline 2mil BBL/Day(14mil BBL/Week), Fudge factor 0.86mil BBL/Day(5.98mil BBL/Week)
• Refined products, Gasoline, Diesel and Jet Fuel, Inventories have stabilized after a spring drawdown and refinery input has declined a little

US Crude Production remains on a very slow recovery with a headwind from SPR releases. Crude working inventory continues a drawdown which one can interpret as an industry continuing to improve its use of working capital. US Exports of Refined Products have held near the highest levels post-COVID and the drawdown of domestic inventories show a stabilization near lowest levels since 2003 indicating the industry is keeping tight reins on working capital across the inventory spectrum.

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