Wednesday, November 22, 2017

EIA's Weekly Report Released; Re-Balancing Drops To 42 Weeks -- November 22, 2017

Link here.
  • crude oil inventories: decreased by an insignificant 1.9 million bbls; currently at 457.1 million bbls
  • still in a hole with regard to distillate fuel inventories
  • refineries operating at 91.3% capacity, not much change
  • gasoline production increased a bit last week, now averaging 10.4 million bbls/day
  • distillate production also increased a bit last week, now averaging 5.3 million bbls/day
  • overall, a mixed report with little change
From John Kemp, Reuters oil analyst:  US refiners are pouring seasonal record amounts of crude into their cauldrons and still struggling to meet demand for gasoline and diesel.

The API reported a decline of 6.356  million bbls but I use EAI data for the following table.

Re-balancing, drops from 43 weeks to 42 weeks:

Week
Date
Drawdown
Storage
Weeks to RB
Week 0
Apr 26, 2017

529.0
180
Week 1
May 3, 2017
0.9
528.0
198
Week 2
May 10, 2017
6
522.0
50
Week 3
May 17, 2017
1.8
520.2
59
Week 4
May 24, 2017
4.4
515.8
51
Week 5
May 31, 2017
6.4
509.9
41
Week 6
June 7, 2017
-3.3
513.2
60
Week 7
June 14, 2017
1.7
511.5
57
Week 8
June 21, 2017
2.5
509.0
62
Week 9
June 28, 2017
-0.2
509.2
71
Week 10
July 6, 2017
6.3
502.9
58
Week 11
July 12, 2017
7.6
495.3
47
Week 12
July 19, 2017
4.7
490.6
43
Week 13
July 26, 2017
7.2
483.4
38
Week 14
August 2, 2017
1.5
481.9
52
Week 15
August 9, 2017
6.5
475.4
35
Week 16
August 16, 2017
8.9
466.5
30
Week 17
August 23, 2017
3.3
463.2
29
Week 18
August 30, 2017
5.4
457.8
27
Week 19
September 7, 2017
-4.6
462.4
32
Week 20
September 13, 2017
-5.9
468.2
39
Week 21
September 20, 2017
-4.6
472.8
46
Week 22
September 27, 2017
1.8
471.0
46
Week 23
October 4, 2017
6.0
465.0
41
Week 24
October 12, 2017
2.8
462.2
40
Week 25
October 18, 2017
5.7
456.5
37
Week 26
October 25, 2017
-0.9
457.3
39
Week 27
November 1, 2017
2.4
454.9
38
Week 28
November 8, 2017
-2.2
457.1
42
Week 29
November 15, 2017
1.9
459.0
43
Week 30
November 22, 2017
1.9
457.1
42

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