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Wednesday, January 15, 2020

US Weekly Production Hits All-Time Record -- 13 Million BOPD; WTI Drops Below $58 -- January 15, 2020

EIA: after weeks flirting with a new record, US oil output hit a record 13 million bopd last week.

EIA weekly petroleum report, link here:
  • US crude oil in storage decreased by 2.5 million bbls from the previous week
  • US crude oil in storage: at 428.5 million bbls, US inventories are at the 5-year average
  • refineries operated at 92.2% capacity; trending down the past couple of weeks
  • gasoline production increased, average 9.3 million bbls per day
  • over the past four weeks, crude oil imports averaged 13.1% less than the same four-week period last year
  • jet fuel product supplied continues to trend up; jet fuel product supplied was up 2.0% compared with same four-week period last year
WTI: after the report and on the same day the China-US trade deal signed -- down 24 cents; drops below $58. 

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 49
October 30, 2019
5.7
438.9
Week 50
November 6, 2019
7.9
446.8
Week 51
November 14, 2019
2.2
449.0
Week 52
November 20, 2019
1.4
450.4
Week 53
November 27, 2019
1.6
452.0
Week 54
December 4, 2019
-4.9
447.1
Week 55
December 11, 2019
0.8
447.9
Week 56
December 18, 2019
-1.1
446.8
Week 57
December 27, 2019
-5.5
441.4
Week 58
January 3, 2020
-11.5
429.9
Week 59
January 8, 2020
1.2
431.1
Week 60
January 15, 2020
-2.5
428.5

2 comments:

  1. Paging James Hamilton! Self styled sooper academic oil economist. How's that "Peak oil in America" article looking?

    https://econbrowser.com/archives/2007/05/peak_oil_in_ame

    Probably no better than your JUL2014 "hundred dollar oil here to stay" article. Just a few months before the price crashed.

    ReplyDelete
    Replies
    1. It is entertaining to read those old "Peak Oil" posts.

      Delete

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