Regardless, I find this weeks EIA's analysis regarding US petroleum fascinating. It begins:
The United States exported 401,000 barrels per day (bopd) of crude oil in July 2014 (the latest data available from the U.S. Census Bureau), the highest level of exports in 57 years and the second highest monthly export volume since 1920, when EIA’s published data starts.
Recent crude oil exports are also noteworthy for both their origins and destinations. Typically, crude exports are sourced domestically and are sent only to Canada. However, since April, crude exports have included modest amounts of Canadian-produced barrels that were moved through the United States and re-exported to Switzerland, Spain, Italy, and Singapore.The graph at the link:
The entire analysis is very interesting. Regular readers are very aware of this development:
Enbridge Inc.’s Line 9 reversal project is in its second phase, which is expected to be in service next month. The first phase, which began eastward flows earlier this year, currently enables shipment of crude from Sarnia, Ontario, to North Westover, Ontario.
When completed, the second phase will expand capacity to 300,000 bbl/d and continue on from North Westover to Montreal, Quebec, where the crude could access refineries in Montreal or global markets via the St. Lawrence Seaway.When you finish reading that analysis, then I recommend you click on "Gasoline" in the upper right hand corner of that page. When you get to that linked page on gasoline, scroll down to look at two charts. The first chart: gasoline stocks and days of supply. Gasoline stocks are certainly in a better place than stocks of natural gas. Gasoline stocks are well within the 5-year average. Natural gas, on the other hand, trails the 5-year average significantly.
On that same page, then scroll down to the very last graph to see gasoline demand.
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