Thirsty Thursday: An Inventory Report (2/9/23)

Posted: February 9, 2023
Previous Reports

Welcome to this week’s Thirsty Thursday: An Inventory Report. If you are a weekly reader then you will remember a few weeks ago we made an NFL-inspired cocktail in honor of my favorite team, the Philadelphia Eagles. Well, the Superbowl is on Sunday, and guess who is headed to Arizona, the Eagles! To help kick off what I hope is a good weekend of sports, let’s make a beer margarita. You likely already have a few beers in the fridge for the game so why not spice it up with some lime juice and tequila?

Photo by Growth + Co. on Unsplash

Surprise, surprise, another build. The EIA was pretty spot on with their forecast this week, but I mean, we have had modest builds for seven straight weeks now so how much credit can we really give them?

If you are looking at the API’s data and wondering if you have already drunk too much or if there really is a “-” in front of that 2.184 million barrel build/draw don’t worry because it really is there. Maybe the API began their Superbowl festivities a little early too, either way, they reported a draw of 2.184 million barrels which is odd considering it is a similar number to what the EIA reported in magnitude, but with a negative sign… Suspicious.

You can just barely see the start of the flat line that will likely grow over the coming month or two. For a third straight week now there have been 0 barrels of oil released from the SPR.

We are up to seven builds in a row now! That is if you are going off of the data released by the EIA and not the API, although most people tend to trust the former’s data a bit more than the latter. All these builds have the weekly crude oil stock graph climbing higher and higher, we are nearing the upper maximum of the five-year range.

Both Brent and WTI dipped throughout the week but Brent has recovered to nearly the same price it was at last week when I wrote this report. Brent is currently at $86.39. WTI recovered and some this week, ending at $77.74. There is still a ways to go before we see last year’s oil price, and who knows if that will happen with the builds we’re seeing in inventory each week.

Brent Crude Oil
WTI Crude Oil

Oh natural gas, will you ever recover? Well yes, and while it didn’t recover this week it didn’t drop anymore either. Since last Thursday the price of natural gas has increased by $0.004, so as I said, no increase, but also no decrease which at this point is about all we can ask for.

Natural Gas Price

The average cost of gasoline in the country is trending downward once again, however, if you live in Colorado you aren’t seeing cheaper gas. While some states like Texas are serving up gas for just above $3, gas in Colorado costs over $4. Refinery issues are causing localized gas prices to increase dramatically compared to the national average.

Nationwide gasoline costs $3.437 which is down just under a cent from last week. And while Texas has the cheapest gasoline, Hawaii has the most expensive at nearly $5! In other fuel news, diesel is also cheapening but not by much considering it now costs on average one cent less to fill up when compared to last week.

Diesel stock is on the rise again which is a bit odd considering the past five years we have seen a decrease this time of year. Increases in diesel stock are likely a byproduct of weak consumer demand.

That’s all I have for you, have fun watching the game this week if you enjoy football, and be safe!

Photo by Project 290 on Unsplash

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