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Welcome to the good stuff edition of Oil Markets Daily!
The media was quite excited last week to see that the weekly US crude imports from Saudi hit the lowest level since the mid-1980s.
But on a 4-week moving average basis, we are still seeing imports from Saudi average ~500k b/d.
Source: EIA, HFI Research
This means that the US hasn't even seen the good stuff yet, because we know based on our tanker tracking data, the good stuff is coming in the next 2 months.