Wednesday, July 26, 2017

Huge Decline In Crude Oil Inventories -- Less Than 40 Weeks To "Re-Balance" At This Rate

WTI: $48.58 (up 1.44% for the day)

From Reuters:
U.S. crude stocks fell last week as refineries hiked output and imports dropped, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration said on Wednesday.
Crude inventories fell 7.2 million barrels in the week ending July 21, more than the expected decrease of 2.6 million barrels. The decline was the fourth consecutive drop, giving support to the market.
This added to hopes a long-awaited rebalancing was underway in the oil market. Saudi Arabia said on Monday it would limit oil exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier.
The entire table has been updated/corrected due to a methodology error in earlier iterations. The "re-balancing" number I use is to get us back to 350 million bbls in storage (not including SPR):

Week
Date
Drawdown
Storage
Weeks to RB
Week 0
Apr 26, 2017

529.0
180
Week 1
May 3, 2017
0.9
528.0
198
Week 2
May 10, 2017
6
522.0
50
Week 3
May 17, 2017
1.8
520.2
59
Week 4
May 24, 2017
4.4
515.8
51
Week 5
May 31, 2017
6.4
509.9
41
Week 6
June 7, 2017
-3.3
513.2
60
Week 7
June 14, 2017
1.7
511.5
57
Week 8
June 21, 2017
2.5
509.0
62
Week 9
June 28, 2017
-0.2
509.2
71
Week 10
July 6, 2017
6.3
502.9
58
Week 11
July 12, 2017
7.6
495.3
47
Week 12
July 19, 2017
4.7
490.6
43
Week 13
July 26, 2017
7.2
483.4
38


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Three Sisters Enjoying Cool Weather In Southern California


2 comments:

  1. Did I miss a link to an expanded Oasis gas plant NE of Watford. Some sources say this will be larger than the Hess plant.

    ReplyDelete
    Replies
    1. https://themilliondollarway.blogspot.com/2017/07/oasis-wants-to-be-biggest-in-state.html

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