Sean

[Sean @spmurph]

@fr_cdn Or falling exports and domestic builds because export arbs are closed.

Also, backward looking inventory changes reflect deals that were done a month ago. US crude trades in cycles done a month prior. Draws/builds for July are determined by the July trade cycle (ends tomorrow).

[Sean @spmurph]

@mcnaughton42 @fr_cdn No you are not. SPR is mostly going to export, some to domestic refining. Export arbs are closed, the US produces more than it needs, so inventories will build.

[Sean @spmurph]

@UnintendedCons5 If inventory levels are very low at Cushing, does physical market liquidity dry up because there aren’t enough bbls for the buy/sells vs other grades?
Similarly, do diffs crater when Cushing inventories are low? And vice versa for tank tops?