U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.0 million barrels from the previous week. At 526.5 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year. Nick Bit: This overhang will be quickly absorbed as Gentleman Starts their engines once again.
U.S. crude oil refinery inputs averaged 12.9 million barrels per day during the week ending May 15, 2020 which was 0.5 million barrels per day more than the previous week’s average. Refineries operated at 69.4% of their operable capacity last week. Nick Bit: Refinery utilization rate reflects the facts that the suits panicked and shut her down. BAD DECISION! Because their will not be enough refined products as they set the captives free to shop. 
Gasoline production decreased last week, averaging 7.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.U.S. crude oil imports averaged 5.2 million barrels per day last week, down by 194,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day, 24.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 526,000 barrels per day, and distillate fuel imports averaged 322,000 barrels per day. Total motor gasoline inventories increased by 2.8 million barrels last week and are about 10% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 3.8 million barrels last week and are about 19% above the five year average for this time of year. Propane/propylene inventories increased by 1.1 million barrels last week and are about 14% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 5.0 million barrels last week.Total products supplied over the last four-week period averaged 16.1 million barrels a day, down by 19.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 6.7 million barrels a day, down by 29.1% from the same period last year. Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 13.8% from the same period last year. Jet fuel product supplied was down 66.9% compared with the same four-week period last year. Nick Note: I usulally post this report with in hours of publication. You might have noticed after we took profits in oil and the S&P500 i wnet quiet on you. It is critical that i analyize the new reality. My opinion is the markets have gotten a little ahead of themselves. I still belive we will get $50 oil and new records in the S&P500 BUT i see a pull back coming. Reality is they set the captives free a little to soon. If i am guseeing lucky i see cases popping which will spook the stock and oil markets. I want to use the pull backs if i am lucky enough to get them to reaccumiliate our positions. I have analyized thousnads of pages of data. For you edification i have published a link to the oil and distillates price spread sheet. It shows that FOR SURE in y opinion prices have bottomed.
https://www.eia.gov/petroleum/weekly/twipmnvwall.xls