Wednesday, September 16, 2020

Weekly EIA Status Report -- Distillates Continue To Be The Story -- September 16, 2020

Weekly EIA petroleum report, link here.

  • US crude oil in storage decreased by 4.4 million bbls
  • US crude oil in storage: 496.0 million bbls, back where we were a couple of weeks ago
  • US crude oil in storage remains about 14% above the already-fat five-year average
  • US refineries are operating at 75.8% capacity, following Hurricane Laure, we now have Hurricane (?) Sally
  • US crude oil imports average 5.0 million bopd, down about half a million bopd; imports still averaging about 20% less than same four-week period last year (2019)
  • distillate production increased last week
  • jet fuel supplied was down 45.6% compared with same four-week period last year

Re-Balancing:

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%

Weej 93

September 16, 2020

-4.4

496.0

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%

Week 27

September 16, 2020

5.0

-0.416

-20.100%

 

Distillate fuel:

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%

Week 4

September 16, 2020

3.50

22.0%

Jet fuel:

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%

Week 27

September 16, 2020

-45.60%

4 comments:

  1. Overall I see balanced report, crude stocks down, refined products up, stocks of crude and products up ~2,000,000 barrels for the week. Hurricane Sally east of the big oil refining area.

    Why are oil futures up today?

    ReplyDelete
    Replies
    1. I assume oil futures are up due to Hurricane (?) Sally. I don't pay much attention to futures during active hurricane reporting.

      Delete
  2. Based on interview of Lynn Helms by Inforum Bismark. "But among the factors driving a recent rebound, Helms said, industry concern over the November presidential election has been a key factor. He said the potential transition from a Trump administration to a Biden administration has many oil companies worried about tightening environmental restrictions on the industry and prompted many of them to push for drilling permits ahead of the November election."
    Election uncertainty is driving market more than mother nature at the moment

    ReplyDelete
    Replies
    1. Very interesting. Driving permits on BLM land, I assume, more than on state land, but the real concern is ban on fracking, at least on BLM land.

      Delete