We took a brief hiatus from our weekly series Open Insights to update our oil thesis, but we’re back now to looking at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of January 31, 2020.
EIA reported a crude build of 3.4M barrels, slightly lower than the +6M build we typically see this time of year in the 5-week average. Crude inventories have remained relatively flat throughout January, having increased by 5M barrels for the month (5-year average is about a 13M build).
Gasoline inventories were essentially flat, drawing by 91K barrels, whereas