The EIA announced a draw of 600,000/bbls for the week ending December 27, 2024. National inventories now stand at 85M/bbls compared to 82.6M/bbls one year ago this week.
Exports checked in at 2.089M/bpd, which is the sixth-highest weekly reported total of all time, with the top ten list over on the right. All but two of the top ten have happened since April of 2024.
National inventories are at their second-highest level for the last week of December, as seen in the chart immediately below this one.
We have seen an uptick in hub pricing this morning as traders and suppliers prepare for this impressive cold spell that is knocking on the doors of the eastern half of the country. There are some areas (Tennessee, WV, NC, VA, SC, GA, etc) that could see the coldest air they have experienced in at least a decade.
The weather! Whew, lots to talk about. A MASSIVE winter storm is taking aim at the central portion of the country, with the potential for a foot or more of snow in some parts, and a fairly widespread swath of 4 or more inches. On the back of that, the cold comes down and the areas with the most snow could also see temps go even lower than forecast.
