Consumer Confidence Grew Above Expectations in December
December 22, 2022
No contracting tomorrow Friday December 23 or Monday December 26 as our offices are closed.
Propane inventories were down 2.921 million barrels putting total propane inventories at 87.415 million barrels. Last year there were 70.023 million barrels so there are now 17.392 million more barrels than last year. Propane inventories have gotten to a comfortable level and now traders just sit and watch the forecast to see if we can make it to spring with no challenges.
Midwest stocks were down 586,000 barrels to a total of 25.769 million barrels. Last year there were 22.760 million which put us 3.009 million ahead of last year. Gulf Coast inventories were down 979,000 barrel putting total Gulf Coast stocks at 49.893 million barrels and last year there were 34.379 million putting us 15.514 million ahead of last year.
Crude stocks were down 5.9 million barrels to a total of 418.234 million barrels and last year there were 423.371. The EIA reported that US crude oil in the SPR fell by 3.6 million barrels in the week ending December 16th to 378.6 million barrels, it lowest since December 1983.
Gasoline stocks were up 2.53 million barrels to a total of 226.113 and last year they were 224.118.
Distillates were down 240,000 barrels putting total stocks at 119.929 and last year there were 124.154 million barrels.
Crude had a nice rally yesterday on the bullish inventory report. Refinery utilization was down to 90.9% from 92.2%.
December consumer confidence put in an eight month high coming in at 108.3 and economist were looking for 101.2 and the previous number was 101.4.
Housing data is still weak, November existing home sales came in at 4.09 million, and the expectation was 4.17 and the previous number was 4.43.