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USAI - Open Insights: EIA's Weekly Petroleum Report (05/29/20)
American Energy Independence
We took a brief hiatus from our weekly series Open Insights to update our oil thesis. Here's our most recent thoughts. We’re now back to looking at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of May 29, 2020.
EIA reported a crude draw of 2.1M barrels for the week, but this excludes a build of 4.0M barrels in SPR stocks as the US government continues to lease space to producers for storage. Net, we’re looking at a 1.9M barrel build for the week. Imports have retreated from last week's high, but this