- EIA US crude oil inventory, week-over-week: an increase of 2.4 million bbls; Big_Orrin was off by a country mile, or as much as a long-reach horizontal lateral
- EIA US crude oil inventory: 419.5 million bbls; supposedly at the 5-year average
- but look at this: refineries operating at 89.8% capacity (a rainstorm called Imelda shut down the Exxon refinery in Houston)
- even so, gasoline production increased last week, who wudda thought?
- distillate fuel production decreased last week but not by much
US shale, the swing producer:
- Saudi loses half (or more) of its export capacity
- a rainstorm shuts down (some) operations along the US coast
- crude oil imports dropped an astounding 672,000 bopd (over a denominator of about 6.5 million bopd, or 10%)
- and, yet, US gasoline production actually increased last week, albeit not much
- US gasoline production over past four weeks averaged 9.4 million bbls; last week production came in at 10.2 million bbls -- an 8.5% increase -- and that's with Exxon's largest refinery along the coast shut down for the week (assuming that was the week that was, and I could be wrong) -- Focus on Fracking will sort this out in the weekly Sunday note
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
|
Week 29
|
August 21, 2019
|
-2.7
|
437.8
|
Week 30
|
August 28, 2019
|
-10.0
|
427.8
|
Week 31
|
September 5, 2019
|
-4.8
|
423.0
|
Week 32
|
September 11, 2019
|
-6.9
|
416.1
|
Week 33
|
September 18, 2019
|
1.1
|
417.1
|
Week 34
|
September 26, 2019
|
2.4
|
419.5
|
here's what i have on gasoline output...
ReplyDeleteeven with the decrease in the amount of oil being refined, gasoline output from our refineries was quite a bit higher, increasing by 789,000 barrels per day to 10,240,000 barrels per day during the week ending September 20th, after our refineries' gasoline output had decreased by 909,000 barrels per day to a nine month low the prior week...with that big increase in gasoline output, this week's gasoline production was 4.1% higher than the 9,832,000 barrels of gasoline that were being produced daily over the same week of last year....
weird swings in gasoline production like that are usually due to some kind of adjustment for ethanol blending, although i didn't check those details this week..year over year comparisons at this time of year are also subject to whatever hurricanes might have been around last September, so pass the grains of salt..
Thank you, much appreciated. I was just amazed to see how much gasoline could be produced with decreased refinery capacity on a percentage basis.
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