Wednesday, November 29, 2017

US Crude Oil Inventories Down By Another 3.4 Million Bbls -- November 29, 2017 -- Time To Re-Balance Drops One Week To 41 Weeks

The EIA's weekly petroleum report has been posted.
  • US crude oil inventories: decreased by 3.4 million bbls; now at 453.7 million bbls
The narrative looks great ... until you look at the graph:


Other data from the report:
  • refineries continue to increase their operating capacity, now at 92.6%
  • gasoline production, pretty much unchanged, at 10.2 million bbls/day
  • distillate fuel production, pretty much unchanged, at 5.3 million bbls/day 
  • total gasoline inventories increased by 3.6 million bbls last week; in the middle of the average range
  • distillate fuel inventories increased by 2.7 million bbls last week but still int he lower half of the average range
  • the "gasoline demand" graph will be released tomorrow
Refinery throughput, via Twitter:

 
Time to re-balance:

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
Week 14
August 2, 2017
1.5
481.9
52
Week 15
August 9, 2017
6.5
475.4
35
Week 16
August 16, 2017
8.9
466.5
30
Week 17
August 23, 2017
3.3
463.2
29
Week 18
August 30, 2017
5.4
457.8
27
Week 19
September 7, 2017
-4.6
462.4
32
Week 20
September 13, 2017
-5.9
468.2
39
Week 21
September 20, 2017
-4.6
472.8
46
Week 22
September 27, 2017
1.8
471.0
46
Week 23
October 4, 2017
6.0
465.0
41
Week 24
October 12, 2017
2.8
462.2
40
Week 25
October 18, 2017
5.7
456.5
37
Week 26
October 25, 2017
-0.9
457.3
39
Week 27
November 1, 2017
2.4
454.9
38
Week 28
November 8, 2017
-2.2
457.1
42
Week 29
November 15, 2017
1.9
459.0
43
Week 30
November 22, 2017
1.9
457.1
42
Week 31
November 29, 2017
3.4
453.7
41

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