Monthly Archives: May 2023

Strategic Petroleum Reserve at a new 39½ year low after largest draw from US oil supplies since Labor Day 2016, lowest May gasoline supplies since 2014; distillates supplies at 12 month low US oil prices finished higher for a second … Continue reading →

The key economic releases of the past week were the second estimate of 1st quarter GDP from the Bureau of Economic Analysis and the April report on Personal Income and Spending, also from the BEA, a report which provides nearly … Continue reading →

Strategic Petroleum Reserve is at a new 39½ year low; oil and horizontal rigs fell below year ago levels for the first time of the pandemic recovery era; April DUCs down 32nd time in 34 months, DUC well backlog fell … Continue reading →

Regular monthly reports that were released this week included the Retail Sales report for April and the Manufacturing and Trade, Inventories and Sales report for March (pdf), both from the Census Bureau, the April report on Industrial Production and Capacity … Continue reading →

natural gas rigs dropped by the most in over seven years as west Texas spot prices turned negative; global oil production exceeded demand by 600,000 barrels per day during April, despite Russian cuts and OPEC production that was 1.3 million … Continue reading →

Regular monthly reports that were released this week included the April Consumer Price Index, the April Producer Price Index and the April Import-Export Price Index from the Bureau of Labor Statistics, and the Wholesale Trade, Sales and Inventories report for … Continue reading →

US oil prices finished lower for a third consecutive week, after the Fed raised interest rates and Treasury Secretary Yellen warned ​that ​the US was nearing a default on its obligations. …after falling 1.4% to $76.78 a barrel last week … Continue reading →

Major economic reports released the past week include the Employment Situation Summary for April and the Job Openings and Labor Turnover Survey (JOLTS) for March, both from the Bureau of Labor Statistics, and three March reports that include metrics which … Continue reading →