On the day the ECB intends to conjure more “inflation” out of monetary misdirection and an air of positivity (bred of now-admitted negativity), the lack of usage in the energy space continues to make the endeavor that much more daunting.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.1 million barrels from the previous week. At 397.9 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years. Total motor gasoline inventories increased by 0.6 million barrels last week, and are well above the upper limit of the average range. [emphasis added]
As far as domestic supply,
Total products supplied over the last four-week period averaged 19.7 million barrels per day, up by 4.9% from the same period last year.
That’s not exactly the burgeoning burden from shale and fracking that is (was) presented as the impetus for crude’s collapse. What is a problem in US pricing is also a problem for the ECB, as presented by a far more uniform financial apparatus than is coventionally appreciated, all under the cover of the “dollar.”
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