European Central Bank announces largest interest rate hike in its 24-year history
September 9, 2022
The DOE inventory report had crude stocks up 8.85 million barrels and the SPR was down 7.5 million barrels. Total stocks are now at 427.191 and last year stocks were 423.867 a 3.324 million barrel surplus. The large build was mostly the result of increased imports of 5.761 million barrels and a decrease in exports of 3.738 million barrel. Most of this activity happens in the Gulf and the sum of these two changes is 9.499 million barrels.
Gasoline stocks were down 330,000 barrels putting total gasoline stocks at 214.808 million barrels and last year they were 219.999 a 5.191 million barrel deficit.
Distillates were down 100,000 barrels putting total stocks at 111.801 and last year they were 133.586 million a 21.785 million barrel deficit.
Propane stocks were up 1.887 million barrels putting total stocks at 74.118 million barrels and last year at this time stocks were at 70.099 million barrels a 4.019 million barrel surplus. But stocks are still at their second lowest level for the last nine years. Midwest stocks were up 573,000 barrels putting total Midwest stocks at 22.079 million and last year there were 23.149 a 1.070 million barrel deficit. Despite the build Midwest stocks remain below the lowest seasonal level in 5-years. The Midwest it still short and the loss of the Medford plant is a concern for Midwest inventories as we head toward winter.
The European Central Bank announced the largest interest rate hike in the central bank’s 24-year history yesterday.
China has roughly 65 million people across the country on mobility restrictions. This should impact demand and the longer it drags on the more impactful it will be to demand.
The following in from John Kemp of Reuters. US Petroleum Inventories including the SPR increased by 4 million barrels last week. But inventories have declined in 84 of the last 114 weeks by a total of 450 million barrels since the start of July 2020 illustrating the persistent shortage of oil available to the market. Stocks are at the lowest seasonal level since 2004 and are still trending lower.