“Davidson” submits:
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Q4 2022 hedge fund letters, conferences and more
- Total US Crude Inv rise 8.4mil BBL(a rise of 8.4mil working inv and decline of 0.1 SPR), US Crude Prod remains 12.2mil BBL/Day, US Crude Imports remain higher at 3mil BBL/Day(20.92mil BBL/Week), Fudge factor is 0.86mil BBL/Day(6mil BBL/Week)
- US Gasoline Inv rose ~3mil BBL even as refinery inputs remain depressed with shutdowns. US Exports of Refined Prod have declined likely due to refinery issues.
The market sees a recession that is not present interpreting the rise of US working inventories as a sign of economic slowing. It is not. The rise can be attributed to imports which remain elevated in an uncertain market even though it appears the SPR releases have ended.
