record high

U.S. crude oil production came roaring back in the week ended October 23, reaching an all-time high of 14 MMb/d (far right of chart below), according to the EIA’s latest Weekly Petroleum Status Report.

Diesel is taking the wheel of the refining barrel. As discussed in today’s Tradeview Report,  the benchmark 3-2-1 crack edged just $0.52/bbl higher last week to $66.36/bbl, but that modest headline move masks a much more dramatic shift underneath.