Good morning,
With the spread between Brent and WTI widening to new yearly lows over the past few days values have finally come back to attract foreign buyers as the US exported a huge amount of crude oil and products last week.
Total US crude production continued to climb WoW up 46kbpd to 10,586kbpd. Imports of crude oil were up 539kbpd WoW. Total supply inputs of 19,055 kbpd. Total crude oil input to refiners dropped by 328kbpd to 16,621kbpd as refinery utilization dropped by 1.6% to 90.8%. Total crude oil stocks rose by 2.17mb and stocks at Cushing Ok rose by .459mb to 35.4mb.
Jason Carlson
Trean Group LLC
141 W. Jackson Blvd. Suite 1201A
Chicago IL 60604
Office 312-604-6404