Wednesday, August 14, 2019

EIA Weekly US Crude Oil Inventory Data; US Sets All-Time Gasoline Demand -- August 14, 2019

EIA: weekly US crude oil inventories -- link here:
  • US crude oil change: increased by 1.6 million bbls -- WTI slumps 4%; now trading below $55 (again)
  • US crude oil inventory: 440.5 million bbls; 3% above the five-year average; and the five-year average has been steadily increasing for the past several years;
  • refiner's operating capacity at: 94.8% -- a healthy number
Gasoline demand: we'll see the graph later this afternoon at this link At 2:57 p.m. CT, the EIA has posted the new data at the link but not the new graph. [Later: the EIA "gasoline demand" graph is finally posted, a day late.] Until then, this graphic from twitter:




Re-balancing:
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
Week 29
June 12, 2019
2.2
485.5
Week 30
June 19, 2019
-3.1
482.4
Week 31
June 26, 2019
-12.8
469.6
Week 32
July 3, 2019
-1.1
468.5
Week 33
July 10, 2019
-9.5
459.0
Week 34
July 17, 2019
-3.1
455.9
Week 35
July 24, 2019
-10.8
445.1
Week 36
July 31, 2019
-8.5
436.5
Week 37
August 7, 2019
2.4
438.9
Week 38
August 14, 2019
1.6
440.5

It's hard to believe that not too long ago, total US crude oil inventory was significantly higher.

I believe that a few months ago (?), the EIA removed "oil in pipelines" as part of the inventory figure, but I could be wrong on that. If they did, to what extent the impact was, I certainly do not know. But by now, this should be water under the bridge, to coin a phrase.

Those weekly drops of 12.8 million barrels (June 26); 9.5 million barrels (July 10); and, 8.5 million barrels the following week (July 24) certainly make one wonder, though.

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