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DOE Report helps oil recover some of earlier losses

June 17, 2020

Crude Oil recovered a portion of early losses after a more supportive DOE report. Products went positive on the day.

 

DOE                Actual           Expected
Crude Oil          1.2                   1.6
Gasoline          -1.7                  -1.0
Distillate          -1.4                   2.0
Cushing           -2.6
Oil Production 10.5/day

 

Note: Oil production fell 600K/day. While this number is not as reliable as the monthly data (2 months delayed by the EIA), it does lend to support to the market that a meaningful reduction in oil has taken place. The market expects that higher prices will bring some of that production back. Still, US production is -2.6MMBpd less than where it was in March 2020 at the peak.



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