DAILY ENERGY REPORT
US commercial crude inventories, coal market in Europe and Asia, taxes on EVs, dollar shortage in Argentina, Mexico’s Olmeca refinery, China’s gas pipelines, and more
CHART OF THE DAY: The Fifth Largest Crude Withdrawal since 2010
Summary:
The US Energy Information Administration (EIA) today reported a whopping crude withdrawal of 12.5 million barrels (mb) from commercial inventories last week, which was the fifth largest since the beginning of 2010. Figure (1) above shows the largest 10 crude withdrawals since 2010.
Meanwhile, the EIA reported a decline in gasoline inventories by 2.1 mb to 216.3 mb, the lowest since 2014 for this time of the year. Distillate inventories also decreased by 0.6 mb to about 105.7 mb, the lowest since 2008.
As for crude oil imports, they decreased by about 1 mb to 5.850 million barrels per day (mb/d), while exports increased by about 239,000 b/d to 4.549 mb/d.