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UCO - Open Insights: EIA's Weekly Petroleum Report (05/17/19)
ProShares Ultra Bloomberg Crude Oil
Continuing our weekly series, Open Insights, we’ll take a look at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of May 17, 2019.
EIA reported a crude build of 4.74 million barrels for the week. Lower imports were largely offset by lower exports. WTI/Brent spreads remain healthy, but MEH/Brent spreads have traded near $1.40/barrel, which implies that WTI making its way to the Gulf Coast is stopped from being exported as refiners snap up the barrels. Exports should, however, stay within the elevated 2.5-2.8 million bpd 4-week range until Brent prices climb to