Russian Crude Exports Were Down 28% Last Month
March 30, 2022
The API report said that crude oil stocks fell by 3 million barrels, gasoline stocks were down 1.4 million barrels and distillates were down 215,000 barrels.
The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude to be down 1.984 million, gasoline down 1.544 million, and distillates down 1.405 million barrels.
The estimate for the propane inventory update today is for stocks to be down 240,000 barrels. The five-year average for this week is a decline of 744,000 barrels.
The energy markets traded lower to start yesterday as there was hope for progress in the peace talks. But as the day wore on the skeptics came out and prices took back a substantial portion of the move lower. Today the energy markets are higher as the Russia and Ukraine news continue to drive the market and things do not look as good for peace talks.
Last month Russian crude oil exports were 3.63 million BPD. This is a 28.1% decrease, and more countries are trying to buy less Russian energy by self-imposed sanctions which should support prices. But it looks like Asia will just continue to buy all that Russian crude oil at a discount. China and India look to continue to be the major buyers of this crude.