Congress Votes on Rail Strike Legislation
November 30, 2022
The API reported it estimates for this week’s inventory and it called crude down big at 7.9 million barrels. The averages estimate from the Bloomberg survey is for crude to down 2.908 million barrels. The API had gas inventories up 2.9 and the estimates for today from Bloomberg are up 1.737. Distillates on the API were up 4.0 million and the outlook for today is up 1.431 million barrels.
Propane inventories are estimated to be down 191,000 barrels.
The current outlook for the OPEC meeting this weekend is the OPEC will make no changes. They canceled the technical meeting which takes place before the actual meeting, and it normally looks at market conditions and makes a recommendation for production changes. The meeting has also been switched from an in-person meeting to a virtual meeting adding to the thought that no changes are coming.
The US House of Representatives plans to vote on Wednesday to block a potential US rail strike after President Joe Biden warned the dire economic consequences of a rail disruption that could happen as early as December 9.
According to Refinitiv analysis, Europe imported 7.6 million tons of diesel in November, a record volume ahead of a February 2023 ban on Russian diesel imports and amid low regional stocks.
Chinese COVID protest are estimated to be in 22 cities leading many to believe that China will ease back on some of their restrictions, which should help energy demand.
From Bloomberg. Total debt by households, businesses and government stands at $290 trillion, according to research by the Institute of International Finance, and many borrowers now face a relentless increase in interest payments as the Fed and other central banks raise rates at the fastest pace in decades.