We took a brief hiatus from our weekly series Open Insights to update our oil thesis, but we’re now back to looking at the EIA’s Weekly Petroleum Status Report (“WPSR”). This is for the week of February 7, 2020.
EIA reported a crude build of 7.5M barrels, about double the 5-year average. Looking at the year in totality, crude inventories are running about 6.6M barrels below the 5-year average build for this time of year.
Gasoline inventories were essentially flat again for the week, drawing by 95K barrels, whereas distillates declined by 1.9M barrels. Overall