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[littlejohn]

Price Painting...net U.S. oil imports plunged

versus year ago week in

latest report...


7,200,000 bbls/day in 2020...

minus last week's import #s...

6,273,000 bbls/day in 2020...

of oil imports...

about -927,000 bbls/day of imports...

927,000 x 7 = 6,489,000, more or

less, of oil imports for last

week versus same week in 2020...


And 2020 saw U.S. demand way off...


crude oil inventory was reported

down 3,300,000 bbls for the week...


Oil imports dropped almost double

that inventory amount drop...


Squeeze between Brent closer to

U.S. crude price reflects lower

U.S. and world oil imports...


Brent has a new export competitor

so they don't have much room

to support a price above what is

needed in a current world market...


But Gasoline price is higher for

Memorial Day weekend...


It doesn't matter if oil prices

drop before the weekend...


So we watch...LJ


https://ir.eia.gov/wpsr/overview.pdf