On Wednesday, the U.S. Energy Information Administration ("EIA") released the latest Weekly Petroleum Status Report:
Total Stocks, including the Strategic Petroleum Reserve ("SPR"), was relatively unchanged and increased by just below one million barrels to 1.94 billion barrels or 45 million barrels above the level in the year-ago period.
Domestic Production was flat week-over-week at 12.4 million barrels per day:
Key observations, however, were missed in the headlines:
- Exports of crude oil remained high above three million barrels per day - an unimaginable level just a couple of years ago;
- Crude Oil Input