VBIN's oil stock thread.

[EricL]

Huge draw from EIA this morning, 16.2 million barrels including the SPR.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 429.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 4.7 million barrels from last week and are about 9% below the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.4 million barrels last week and are about 21% below the five year average for this time of year. Propane/propylene inventories increased by increased by 1.6 million barrels from last week and are at the five year average for this time of year. Total commercial petroleum inventories decreased by 10.0 million barrels last week.

SPR sales will be winding down near the end of the month, OPEC just announced a 2 million barrel per day cut to production, and gas to oil switching in Europe is going to be gangbusters this winter as they try to keep the lights on without Russian gas imports.

You guys who are selling oil right now are crazy.