US distillate inventory is 16% below 5-year average
June 9, 2025
The Baker Hughes Rig Count called oil rigs down 9 to a total of 442 and last year at this time there were 492 oil rigs in operation. Oil rigs are at a three-year low.
Reuters reported that China’s export growth slowed to a three-month low in May as US tariffs slammed shipments, while factory-gate deflation deepened to is worst level in two years, helping pressure on the world’s second-largest economy on both the domestic and external fronts.
The US Bureau of Labor Statistics reported that 139,000 new jobs were created in May, which was much better than the 129,000 new jobs expected by economists. The Bureau of Labor Statistics also reported that the unemployment rate stayed at 4.2% and the labor force participation rate did fall to 62.4%.
The energy markets are up a bit this morning as the tremendous amount of uncertainty continues to keep all these markets in a tight range.
US commercial crude inventories increased 4.3 million barrels week over week and are now 7% below the five-year average for this time of year. Total gasoline inventories increased by 5.2 million barrels week-over-week and are 1% below the five-year average. Total distillates inventories increased by 4.2 million barrels week over week and are now 16% below the five-year average for this time of year.