Oil Inventory Data Prompt Reminiscing
Krishnan: For what it’s worth, the draw announced by the EIA for the week ended July 24 is the result of crude refinery inputs rising by almost 390,000 bpd more – or a net 2.7 million barrels on the week. Exports rose by about 200,000 barrels daily, or a net 1.4 million for the week. Imports shrunk by 800,000 barrels daily, or a net 5.6 million on the week. And you had a further drop of 1.7 million barrels out of the PADD 5 producing district that covers the West Coast.
Add all that up and you have just over 11 million, so that’s not too far from what the EIA reported – though the math itself doesn’t undo the mind-boggling impact it’s having on traders, who are just overwhelmed by the sheer volatility in the data week after week.
Add the whole enigma of the new COVID-19 wave and most people just can’t decide which way to place their chips.
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