Wednesday, January 13, 2021

Weekly EIA Petroleum Report; Cushing Still Working Off Huge Build Some Weeks Ago -- January 13, 2021

EIA weekly petroleum report: link here:
  • US crude oil inventories decreased by 3.2 million bbls from the previous week;
  • US crude oil inventories stand at 482.2 million bbls, 8% above the already-fat average for this time of the year;
  • crude oil imports averaged 6.2 million bpd last week; an increase of 0.9 million bpd; over the past four weeks, crude oil imports have averaged 5.6 million bpd; almost 15% less than the same four-week period last year;
  • distillate fuel inventories increased by 4.8 million bbls last week; 9% above the already-fat average for this time of the year;
  • jet fuel supplied was down 30% compared with same four-week period last year;

Re-balancing: still working off that huge build some weeks ago:

Week 107

December 9, 2020




Week 108

December 16, 2020




Week 109

December 23, 2020




Week 110

December 30, 2020




Week 111

January 6, 2021




Week 112

January 13, 2021





  1. You show imports as 6.2 million bbls/day, yet total imports of crude and products was -113,000 bbls/day. When you add LGN exports (methane, ethane propane), USA is clearly a net exporter.

    Believe that increase in fuel oil is due to some of the excess kerosene type jet fuel is being refined to fuel oil.

    1. Thank you.

      Unless I misread something or there's a typographical error, I'm simply posting what the EIA is reporting. Like so many things, the EIA only reports raw data without deep analysis in the summary. We see the same thing with the weekly jobless reports: just a brief summary -- soundbite -- without any deeper analysis.

      But agree completely: US is a net exporter.

  2. Well, I'm wrong about propane being added to exports. It's included in this report on production stocks (top section), and line 31. I see a lot of price movement on the crude stock number. Then looking closer at the data, swings from more crude and less product or vice versa.

    1. I think the important point is that in the "long term" the US is capable of being energy independent -- not dependent upon Mideast oil -- and that includes all sources of energy: nuclear, coal, oil, natural gas, hydrogen, wind, solar, hydro, biomass, etc. This is a huge turnaround from the 1970s and 1980s when OPEC embargoes were a huge threat for the western world.

  3. Agree totally. I remember waiting in line to buy a limited amount of gasoline at twice the price 6 months earlier in 1974. Then in 2008 close to 5 bucks a gallon and some Saudi prince saying that $120/bbl was fair price for crude oil.