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Oil Markets Will Only Get Tighter

Rig

Friday June 22, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

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Key Takeaways

- Because the EIA changed the way it displays U.S. weekly production figures, rounding off to the nearest 100,000 bpd, it is now difficult to decipher weekly changes. The weekly figures appear unchanged from the week before.
- Crude stocks fell sharply, a bullish result, although that was offset a bit by the increase in gasoline inventories.
- Gasoline demand appears to have plummeted but it is more likely the result of a more accurate picture of demand after an outlandishly high figure from last week.

1. U.S. exports of petroleum products to Venezuela jumps

(Click to enlarge)

- The decline of Venezuela’s oil sector has led to an increasing reliance on imported petroleum products from the United States.
- Venezuela’s decrepit refineries has resulted in the declining availability of finished gasoline, distillates and other products.
- Over the last few years, Venezuela’s imports of U.S. “unfinished oils” has spiked, which is used to blend with Venezuela’s heavy oil.
- The problem for Venezuela is that more recently, it has lost…




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