Putin Says Negotiations with Ukraine Hit a Dead End
April 14, 2022
The DOE report had crude oil stocks up 9.38 million barrels putting the total stock at 421.753 million barrels and last year there were 492.423 million barrels, a 70.670 million barrel difference.
Cushing, Oklahoma crude stocks were up 450,000 barrels putting total Cushing stocks at 26.337 million barrels and last year there were 46.668 million barrels, a 20.331 million barrel difference.
Gasoline stocks were down 3.65 million barrels putting total stocks at 233.139 million barrels and last year there were 234.97 million barrels, a difference of 1.758 million barrels.
Distillate stocks were down 2.9 million barrels putting total stocks at 111.399 million and last year there were 143.464 million barrels, a 32.065 barrel difference.
Propane stocks built 984,000 barrels putting total stocks at 35.359 million barrels and last year there were 40.588 million barrels, a 5.229 million barrel difference.
Midwest propane stocks were up 329,000 barrels putting total stocks at 9.049 million barrels and last year there were 9.795 million barrels, a 746,000 barrel difference.
Gulf Coast stocks were up 1.450 million barrels putting the total stock at 20.869 million barrels and last year there were 24.883 million barrels, a 4.014 million barrel difference.
The Wall Street Journal reports that only about 2,300 out of the nation’s 150,000 gas stations are outfitted to sell E15. Given that fact, I would not expect the Biden administration’s announced deal to allow the sale of E15 at retail stations over the summer to have a huge impact on lowering gas prices.
Crude oil prices closed 4% higher yesterday on the news that Russian President Putin said the negotiation with Ukraine came to a dead end. This stoked fears of prolonged losses of Russian oil and natural gas.
The IEA estimated that up to 3 million BPD of Russian oil could be lost by May, but IEA and US SPR releases of oil would help in the short term.
Prices have traded higher and lower already today and trading should be light, which could add to the volatility due to there being fewer traders since it is the Easter Holiday weekend with no market tomorrow.