<\/p>\n<\/a>Energies<\/u> –
\nThe crude oil inventory figure yesterday was once again deemed to be price-negative, yet once again futures mostly shrugged off this sentiment.\u00a0 I think we have to understand part of the \u201cproblem\u201d leading to these surging inventory levels is a big downturn in refinery utilization, which is a very common occurrence at this time of year.\u00a0 Refinery runs typically start to pick back up in late Feb or early Mar.<\/p>\n
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It might also be worth pointing out that US crude oil exports averaged over 1 mbpd last week for the first time on record.\u00a0 The slowdown in refinery runs is aiding exporters\u2019 ability to make shipments right now and it is worth noting that WTI prices are well under most other global benchmarks at the moment.\u00a0 Don\u2019t be surprised if we see a strong export pace for another few weeks as refinery rates are slow.\u00a0 Additionally, the long term trend is most certainly higher for US crude oil exports going forward.<\/p>\n
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