Russian Crude Concerns Continue to Support Prices
May 26, 2022
The DOE inventory report said that crude oil supplies were down 1.02 million barrels. Total stocks are now 419.801 million barrels and last year there were 484.349 million barrels a 64.548 million barrel difference.
Cushing, Ok crude supplies were down 1.061 million barrels putting total stocks at 24.778 million and last year there were 44.755 million a 19.977 million barrel difference.
Gasoline stocks were down 480,000 barrels putting total stocks at 219.707 million barrels and last year they were 232.481 million a 12.774 million barrel difference.
Distillate stocks were up 1.66 million barrels putting total stocks at 106.921 million and last year there were 129.082 million a 22.161 million barrel difference.
Propane inventories we up 1.816 million barrels putting total US stocks at 46.333 and last year at this time stock were 44.067 a 2.266 million barrel difference.
The energy markets are mixed this morning as many traders appears to have already left to make it an extended long weekend with Monday being a holiday. Trade volumes yesterday were light and that is very likely the case for the today and tomorrow. Limited traders and light volume can lead to a few trades moving the market in a big way and we must be cautious not to read too much into any big move over the next couple of days.
Crude continues to get support from the concern that at any time Russian crude supplies could be limited either through an embargo or Russia holding back supplies. But so far, the reality is that Russian crude oil still flows and for now that looks to continue.