Thursday, September 10, 2020

EIA Weekly Petroleum Report -- Crude Oil Inventories Increase -- September 9, 2020

WTI change, before/after the report:

  • WTI: $37.60 before the release.
  • WTI: $37.48 about fifteen minutes after the release

Link here.

  • US crude oil in storage increased by 2.0 million bbls week-over-week
  • US crude oil in storage now stands at 500.4 million bbls, still 14% above the already-fat five-year average;
  • imports averaged 5.4  million bopd; which was an increase of 0.5 million bopd from the previous week;
  • imports averaged about 5.5 million bopd, or 18% less than the same four-week period last year
  • refineries operated at 71.8% of their operable capacity; this was a significant drop from last week; refineries along the US gulf coast are still recovering from low-impact Hurricane Laura;
  • distillate inventories decreased by 1.7 million bbls but are still a whopping 20% above the five-year average for this time of the year
  • propane is back in the news as near the harvesting season: propane inventories increased by 2.2 million bbls and are about 12% above the five-year average; last week, the corresponding numbers were 4.4 million bbls and 11% above the five-year average, so propane looks to be in good shape for farmers;
  • jet fuel delivered was down 45.1% compared with the same four-week period last year

US crude oil inventories (re-balancing -- which is not happening):

Week

Date of Report=

Change

Million Bbls Storage

Over/under 5-year average

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 84

July 15, 2020

-7.5

531.7

17%

Week 85

July 22, 2020

4.9

536.6

19%

Week 86

July 29, 2020

-10.6

526.0

17%

Week 87

August 5, 2020

-7.4

518.6

16%

Week 88

August 12, 2020

-4.5

514.1


Week 89

August 19, 2020

-1.6

512.5


Week 90

August 26, 2020

-4.7

507.8

15%

Week 91

September 2, 2020

-9.4

498.4

14%

Week 92

September 10, 2020

2.0

500.5

14%

Crude oil imports:

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 19

July 22, 2020

5.9

0.373

-13.500%

Week 20

July 29, 2020

5.1

-0.800

-13.600%

Week 21

August 5, 2020

6.0

0.900

-18.100%

Week 22

August 12, 2020

5.6

-0.389

-20.400%

Week 23

August 19, 2020

5.7

0.109

-21.700%

Week 24

August 26, 2020

5.9

0.185

-16.900%

Week 25

September 2, 2020

4.9

-1.000

-20.200%

Week 26

September 10, 2020

5.4

0.500

-17.900%

Jet fuel supplied:

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 18

July 15, 2020

-51.90%

Week 19

July 22, 2020

-47.70%

Week 20

July 29, 2020

-42.10%

Week 21

August 5, 2020

-40.90%

Week 22

August 12, 2020

-45.80%

Week 23

August 19, 2020

-47.60%

Week 24

August 26, 2020

-45.70%

Week 25

September 2, 2020

-47.10%

Week 26

September 10, 2020

-45.10%

Distillates:

Distillate Fuel Inventories




Week

Date of Report

Change in Millions

Relative to 5-Yr Avg

Week 1

August 26, 2020

1.40

24.0%

Week 2

September 2, 2020

-1.70

23.0%

Week 3

September 10, 2020

-1.70

20.0%

4 comments:

  1. Yawn, that is the best word I can think of with this report. Plenty of inventory world wide, companies pumping crude to pay debts, Middle East pumping crude to pay bills.

    Thank you Saudi Ariba for pumping so much oil 6 months ago to keep diesel prices lower for my RV's 55 gallon fuel tank. :-)

    ReplyDelete
    Replies
    1. Agree completely. I think Saudi Arabia, and OPEC+ for that matter, is in great trouble. They cannot survive on $40 oil and it keeps going lower.

      It looks like we could very well see another shakeout in US oil sector. I think a fair number of companies will simply be bought by SPACs, private investors, hedge funds, etc. Lots of money to be made even at low prices if operators don't have to answer to shareholders and don't have to pay dividends.

      Delete
  2. there's a lot of nonsense going round about a "surprise" build, and the reading all kinds of dreadful consequences into that...but what happened is pretty simple and shouldn't have been a surprise to anyone...our oil production and our oil imports partially recovered from hurricane Laura, while our refinery throughput did not, so we had a bit of oil left over. ergo, there's no hidden meaning in this week's build...

    ReplyDelete
    Replies
    1. That's a running joke I have with regard to "oilprice.com." When they report the API data on Tuesdays (generally) they almost always call is a "surprise" build or a "surprise" draw, although it's usually a "surprise" build. I think it's quite hilarious how it's always a "surprise" to "oilprice.com."

      Having said that, if these prices don't turn around at some point, I really do think we will see some major changes in US oil industry: mergers, more bankruptcies that were not expected, asset sales, etc.

      Delete