Daily Energy Report
US product exports decline, US crude production at record high, US LNG exports slow, Russia’s piped gas to EU, America needs fracking, Big tech nuclear, CA SAF boondoggle, US tight shale gas, and more
Chart of the Day: US Exports of Gasoline, Naphtha, and Middle Distillate Declined Significantly, A Bullish Sign?
Summary
Figure (1) shows trends in US exports of gasoline, naphtha, and middle distillates. While exports in 2024 were rising above that of 2023 and then above the higher end of the 5-years range, they began declining rapidly in recent weeks until they reached the lower end of the 5-year range. Lower exports, while inventories of these products are declining) sounds bullish, it could be exactly the opposite as we will see below, !