Wednesday, July 15, 2020

EIA Weekly Petroleum Report -- July 15, 2020

EIA weekly petroleum report, link here:
  • US crude oil in storage: at 531.7 million bbls; about 17% above the already-fat-five-year average;
  • change in US crude oil in storage, week-over-week: decreased by 7.5 million bbls;
  • refineries operating at 78.1% capacity; pretty much unchanged;
  • imports: averaged 5.6 million bopd, down by 1.8 million bopd from the previous week; over the past four weeks, imports averaged about 10.2% less than the same four-week period last year;
  • airline fuel supplied: down about 51.9% from same four-week period last year; big change from a few weeks ago;
  • as a reminder, contracts are tracked here.
Re-balancing:
Week
Date of Report=
Change
Million Bbls Storage

Week 0
November 21, 2018
4.9
446.9

Week 1
November 28, 2018
3.6
450.5

Week 2
December 6, 2018
-7.3
443.2

Week 3
December 12, 2018
-1.2
442.0

Week 4
December 19, 2018
-0.5
441.5

Week 5
December 28, 2018
0.0
441.4

Week 71
April 8, 2020
15.2
484.4

Week 72
April 15, 2020
19.2
503.6

Week 72
April 22, 2020
15.0
518.6

Week 73
April 29, 2020
9.0
527.6

Week 74
May 6, 2020
4.6
532.2

Week 75
May 13, 2020
-0.7
531.5

Week 76
May 20, 2020
-5.0
526.5

Week 77
May 28, 2020
7.9
534.4

Week 78
June 3, 2020
-2.1
532.3

Week 79
June 10, 2020
5.7
538.1

Week 80
June 17, 2020
1.2
539.3
15%
Week 81
June 24, 2020
1.4
540.7
16%
Week 82
July 1, 2020
-7.2
533.5
15%
Week 83
July 8, 2020
5.7
539.2
18%
Week 84
July 15, 2020
-7.5
531.7
17%

Imports crude oil:
Crude Oil Imports




Week (week-over-week)
Date of Report
Raw Data, millions of bbls
Change (millions of bbls)
Four-week period comparison
Week 0
March 11, 2029
6.4
0.174

Week 1
March 18, 2020
6.5
0.127

Week 2
March 25, 2020
6.1
-0.422

Week 3
April 1, 2020
6.0
-0.070

Week 4
April 8, 2020
5.9
-0.173

Week 5
April 15, 2020
5.7
-0.194

Week 6
April 22, 2020
5.6
-0.700

Week 7
April 29, 2020
5.3
0.365
-19.700%
Week 8
May 6, 2020
5.7
0.410

Week 9
May 13, 2020
5.4
-0.321
-26.100%
Week 10
May 20, 2020
5.2
-0.194

Week 11
May 28, 2020
7.2
2.000
-16.400%
Week 12
June 3, 2020
6.2
-1.000
-18.300%
Week 13
June 10, 2020
6.4
0.000
-13.300%
Week 14
June 17, 2020
6.6
-0.222
-10.000%
Week 15
June 24, 2020
6.5
-0.102
-11.600%
Week 16
July 1, 2020
6.5
-0.600
-11.300%
Week 17
July 8, 2020
7.4
1.400
-8.500%
Week 18
July 15, 2020
7.5
-1.800
-10.200%

Jet fuel delivered:
Jet Fuel Delivered, Change, Four-Week/Four-Week


Week
Date of Report
Change
Week 0
3/7/2020
-12.80%
Week 1
3/14/2020
-12.60%
Week 2
3/21/2020
-8.90%
Week 3
3/28/2020
-16.40%
Week 4
4/4/2020
-0.22%
Week 5
4/11/2020
-39.70%
Week 6
4/18/2020
-53.60%
Week 7
4/24/2020
-61.60%
Week 8
5/1/2020
-66.60%
Week 9
5/8/2020
-68.50%
Week 10
5/15/2020
-67.90%
Week 11
May 22, 2020
-66.60%
Week 12
June 3, 2020
-68.70%
Week 13
June 10, 2020
-63.70%
Week 14
June 17, 2020
-62.30%
Week 15
June 24, 2020
-62.50%
Week 16
July 1, 2020
-60.00%
Week 17
July 8, 2020
-57.20%
Week 18
July 15, 2020
-51.90%

2 comments:

  1. My observations;

    -With imports down, looks like contango oil is winding down.
    -Domestic production flat in spite of some shut in wells being put back online. Likely due to decline of output of existing wells.
    -Trending that USA is moving back to being a net importer of petroleum. Net imports of -0.75 for the week and inventory is down.

    Will be a good read later today of what inventory is where from the EIA website.

    ReplyDelete
    Replies
    1. With regard to contango, contracts are tracked here:

      https://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html.

      Delete