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Wednesday, June 17, 2020

EIA Weekly Petroleum Report -- June 17, 2020

WTI: down 0.68%; down 26 cents; trading at $38.12.

A reader who knows "this stuff" a whole better than I do, and who follows it a lot more closely noted this after this week's OPEC numbers came out:
First take on the OPEC report out today; global oil production exceeded supply by 8.7 million bpd in May, even after OPEC cuts of 6.3 mbpd. caveat: their 2nd quarter demand figures were unrevised from a month ago, and a lot has happened in the past month.
We will see this in context early next week when Focus on Fracking weekly update is posted late Sunday night.

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Meanwhile, The USA / EIA Numbers

Link here:
  • US crude oil in storage: 539.3 million bbls; a whopping 15% above an already-fat level of storage;
  • US crude oil increased by a relatively small 1.2 million bbls from the previous week;
  • refineries operating at 73.8% capacity; pretty much unchanged;
  • jet fuel supplied was down 62.3% compared with same four-week period last year; again, pretty much unchanged
  • US crude oil imports, at 6.6 million bpd, right at the four-week average of 6.7 million bpd
Re-balancing:
Week
Date of Report=
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 71
April 8, 2020
15.2
484.4
Week 72
April 15, 2020
19.2
503.6
Week 72
April 22, 2020
15.0
518.6
Week 73
April 29, 2020
9.0
527.6
Week 74
May 6, 2020
4.6
532.2
Week 75
May 13, 2020
-0.7
531.5
Week 76
May 20, 2020
-5.0
526.5
Week 77
May 28, 2020
7.9
534.4
Week 78
June 3, 2020
-2.1
532.3
Week 79
June 10, 2020
5.7
538.1
Week 80
June 17, 2020
1.2
539.3

Jet fuel delivered:
Jet Fuel Delivered, Change, Four-Week/Four-Week


Week
Date of Report
Change
Week 0
3/7/2020
-12.80%
Week 1
3/14/2020
-12.60%
Week 2
3/21/2020
-8.90%
Week 3
3/28/2020
-16.40%
Week 4
4/4/2020
-0.22%
Week 5
4/11/2020
-39.70%
Week 6
4/18/2020
-53.60%
Week 7
4/24/2020
-61.60%
Week 8
5/1/2020
-66.60%
Week 9
5/8/2020
-68.50%
Week 10
5/15/2020
-67.90%
Week 11
May 22, 2020
-66.60%
Week 12
June 3, 2020
-68.70%
Week 13
June 10, 2020
-63.70%
Week 14
June 17, 2020
-62.30%

US crude oil imports:
Crude Oil Imports




Week (week-over-week)
Date of Report
Raw Data, millions of bbls
Change (millions of bbls)
Four-week period comparison
Week 0
March 11, 2029
6.4
0.174

Week 1
March 18, 2020
6.5
0.127

Week 2
March 25, 2020
6.1
-0.422

Week 3
April 1, 2020
6.0
-0.070

Week 4
April 8, 2020
5.9
-0.173

Week 5
April 15, 2020
5.7
-0.194

Week 6
April 22, 2020
5.6
-0.700

Week 7
April 29, 2020
5.3
0.365
-19.700%
Week 8
May 6, 2020
5.7
0.410

Week 9
May 13, 2020
5.4
-0.321
-26.100%
Week 10
May 20, 2020
5.2
-0.194

Week 11
May 28, 2020
7.2
2.000
-16.400%
Week 12
June 3, 2020
6.2
-1.000
-18.300%
Week 13
June 10, 2020
6.4
0.000
-13.300%
Week 14
June 17, 2020
6.6
-0.222
-10.000%

2 comments:

  1. As expected. A lot of the contango oil being delivered to the gulf coast. Domestic production down by 2 million barrels a day in the past 10 weeks, pretty much a linear drop week to week, reflecting the combination of shale well depletion and rig count drop of nearly 80%. Good information source is this link.
    https://www.eia.gov/petroleum/weekly/crude.php#menu

    ReplyDelete
    Replies
    1. Thank you. I had forgotten to post this week's "gasoline demand" chart. It's now been posted:

      https://themilliondollarway.blogspot.com/2020/06/just-like-that-ndic-quit-reporting-june.html.

      Delete

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