Note: I accidentally rejected / deleted a comment from John. Sorry. I re-posted that comment over my name. Nothing lost. I agree with John's comment.
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Original Post
Weekly EIA petroleum report, link here.
- US crude oil in storage decreased by a whopping 8.0 million bbls from the previous week;
- US crude oil in storage now stands at 484.4 million bbls; about 7% above the already-fat five-year average;
- refiners operating at 75.3 of their operable capacity;
- distillate fuel inventories decreased by 1.6 million bbls; inventories are now about 18% above the five-year average;
- US crude oil imports averaged 5.0 million bopd last week; really not much change in the big scheme of things;
- jet fuel supplied was down 44.6% compared with same four-week period last year
Re-balancing: in the 100 weeks since continuous tracking on the blog began on November 21, 2018, reports on the following dates showed a decrease of 8.0 million bbls or more of crude oil in US storage:
- June 26, 2019: a decrease of 12.8 million bbls (469.6 million bbls in storage)
- January 3, 2020: 11.5 (429.9)
- July 24, 2019: 10.8 (445.1)
- July 29, 2020: 10.6 (526.0)
- August 28, 2019: 10 (427.8)
- March 20, 2019: 9.6 (439.5)
- July 10, 2019: 9.5 (459.0)
- September 2, 2020 (9.4 (498.4)
- February 27, 2019 (8.6 (445.9)
- July 31, 2019: 8.5 (436.5)
- November 4, 2020: 8.0 (484.4)
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 93 |
September 16, 2020 |
-4.4 |
496.0 |
14% |
Week 94 |
September 23, 2020 |
-1.6 |
494.4 |
13% |
Week 95 |
September 30, 2020 |
-2.0 |
492.4 |
|
Week 96 |
October 7, 2020 |
0.5 |
492.9 |
12% |
Week 97 |
October 15, 2020 |
-3.8 |
489.1 |
11% |
Week 98 |
October 21, 2020 |
-1.0 |
488.1 |
10% |
Week 99 |
October 28, 2020 |
4.3 |
492.4 |
9% |
Week 100 |
November 4, 2020 |
-8.0 |
484.4 |
7% |
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 13 |
June 10, 2020 |
6.4 |
0.000 |
-13.300% |
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% |
Week 28 |
September 23, 2020 |
5.2 |
0.160 |
-24.200% |
Week 29 |
September 30, 2020 |
5.1 |
0.045 |
-21.600% |
Week 30 |
October 7, 2020 |
5.7 |
0.600 |
-18.900% |
Week 31 |
October 15, 2020 |
5.3 |
-0.447 |
-15.400% |
Week 32 |
October 21, 2020 |
5.1 |
-0.167 |
-13.800% |
Week 33 |
October 28, 2020 |
5.7 |
-0.131 |
|
Week 34 |
November 4, 2020 |
5.0 |
-0.600 |
-15.400% |
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% |
Week 5 |
September 23, 2020 |
-3.40 |
21.0% |
Week 6 |
September 30, 2020 |
-3.20 |
21.0% |
Week 7 |
October 7, 2020 |
-1.00 |
23.0% |
Week 8 |
October 15, 2020 |
-7.20 |
19.0% |
Week 9 |
October 21, 2020 |
-3.80 |
19.0% |
Week 10 |
October 28, 2020 |
-4.50 |
17.0% |
Week 11 |
November 4, 2020 |
-1.60 |
18.0% |
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 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 29 |
September 30, 2020 |
-46.10% |
Week 30 |
October 7, 2020 |
-47.50% |
Week 31 |
October 15, 2020 |
-41.80% |
Week 32 |
October 21, 2020 |
-45.90% |
Week 33 |
October 28, 2020 |
-44.30% |
Week 34 |
November 4, 2020 |
-44.60% |
I accidentally rejected this comment from John. Sorry.
ReplyDeleteHere was John's comment.
GOM had a a lot of shut-ins due to hurricane Zeta last week and net imports (exports) of crude oil and products was north of 5 million barrels. I see a balanced inventory situation not justifying the increase in crude price Typical week to week chart noise. Should have bought some USO for a 2-3 day hold.
I agree completely.