- for newbies, 11 million bopd was an incredible milestone for the US to have reached
- we've all been waiting for 12 million bopd being the new "normal" for the US
- now, there are those who suggest the US is producing at the rate of 13 million bopd
Cushing is growing. Link here. Data points:
- will add 4.8 million bbls of storage capacity (almost all of it by Keyera, see below)
- as many as seven new pipelines to move oil to and from the hub
- Cushing is growing even as Houston is growing in importance for overseas markets
- six pipeline projects to move about 2 million bopd from Cushing; on line by end of 2021
- unlikely that all six will get built
- a more conservative estimate: 750,000 bopd of new outgoing capacity
- majority of new storage: Keyera Energy Corp's proposed 4.5 million-bbl Wildhorse terminal; to be completed by middle of next year (2020)
- Magella Midstream Partners LP and Plains All American LP will also add new storage
- current Cushing storage: estimated to be 77 million bbls
- some think Cushing's storage could grow to 100 million bbls
************************************
EIA Weekly Petroleum Report
WTI: drops below $53. Down 86 cents; down 1.6%; trading at $52.62.
Huge increase.
- US crude oil inventories: a huge build -- 6.8 million bbls
- US crude oil inventories: 483.3 million bbls
- refineries, operating capacity: 91.8% -- same as last week; at low end
- look at this: imports increased by a whopping 1.065 million bbls;
- imports average 7.9 million bopd last week -- I'm sure it's mostly heavy oil -- thank you Mr Obama for killing the Keystone XL
- gasoline inventories: increased by 3.2 million bbls; at 2% above the 5-year average; gasoline prices would be headed down except for increased costs associated with heavy oil costs -- again, thank you Mr Obama for killing the Keystone XL
- distillate fuels -- very dependent on heavy oil -- increased by 4.6 million bbls are are about 3% below the five-year average for this time of year -- leading indicator? -- recession?
- unchanged from previous weeks, jet fuel supplied was up 2%
Week
|
Week Ending
|
Change
|
Million Bbls Storage
|
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 6
|
January 4, 2019
|
0.0
|
441.4
|
Week 7
|
January 9, 2019
|
-1.7
|
439.7
|
Week 8
|
January 16, 2019
|
-2.7
|
437.1
|
Week 9
|
January 24, 2019
|
8.0
|
445.0
|
Week 10
|
January 31, 2019
|
0.9
|
445.9
|
Week 11
|
February 6, 2019
|
1.3
|
447.2
|
Week 12
|
February 13, 2019
|
3.6
|
450.8
|
Week 13
|
February 21, 2019
|
3.7
|
454.5
|
Week 14
|
February 27, 2019
|
-8.6
|
445.9
|
Week 15
|
March 6, 2019
|
7.1
|
452.9
|
Week 16
|
March 13, 2019
|
-3.9
|
449.1
|
Week 17
|
March 20, 2019
|
-9.6
|
439.5
|
Week 18
|
March 27, 2019
|
2.8
|
442.3
|
Week 19
|
April 3, 2019
|
7.2
|
449.5
|
Week 20
|
April 10, 2019
|
7.0
|
456.5
|
Week 21
|
April 17, 2019
|
-1.4
|
455.2
|
Week 22
|
April 24, 2019
|
5.5
|
460.1
|
Week 23
|
May 1, 2019
|
9.9
|
470.6
|
Week 24
|
May 8, 2019
|
-4.0
|
466.6
|
Week 25
|
May 15, 2019
|
5.4
|
472.0
|
Week 26
|
May 22, 2019
|
4.7
|
476.8
|
Week 27
|
May 30, 2019
|
-0.3
|
476.5
|
Week 28
|
June 5, 2019
|
6.8
|
483.3
|