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US Crude Oil and Refined Product Inventory Update – William Lacey

Business & Policy
April 9, 2025

I think I finally understand what Liberation Day stood for. The liberation of all of my savings from me. Hooray! I didn’t want it anyway…

Now, on to our regularly scheduled programming.

Yesterday the API reported that crude oil and refined products both saw a net draw on stock levels, showing a total draw of 2.7 million barrels. Today, the EIA reported their survey results and showed a similar net outcome to the API data, albeit from a very different direction with oil showing a big build (bad) and refined products showing a big draw (good). Both these results (API and EIA) were in aggregate bullish versus consensus.

The fact of the matter is that none of this matters with Trump and his Tariffpalooza, where you have the United States (#1 economy) and China (#2 economy) continuing to trade incremental tariffs back and forth, with the rest of the world looking on in anxious trepidation.