Updates
August 7, 2020: be sure to look at most recent comments -- the confirmed figures show that the EIA's weekly reports for oil production in May averaged 1,418,000 barrels per day above what was actually produced, so they were off by more than even I imagined...clarifying...almost 1.5 million bopd OVER-reported...actual May production was only 10 mbpd; remember the negative price quotes? those were for May oil...
June 4, 2020: be sure to look at comments.
Original Post
Link here. Pending, due out at 9:30 a.m. CT.
Meanwhile, while waiting: ADP data "massively" beats consensus. Okay, we'll go with that.
OPEC basket: quietly goes up to $34.95. Link here. WTI at $36.92.
EOG:
The EIA weekly data:
- US crude oil inventories declined by 2.1 million bbls from the previous week;
- US crude oil inventories now stand at 532.3 million bbls, 12% above the already-fat-five-year average for this time of year;
- refineries were operating at 71.8% capacity, pretty much unchanged;
- US crude oil imports decreased by 1.0 million bbls/day -- an average of one VLCC every two or three day;
- US crude oil imports are down about 18% on average from a year ago
- jet fuel product supplied pretty much unchanged at 68.7% from last year
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 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
|
US crude oil imports:
Crude Oil Imports
|
||||
Week (week-over-week)
|
Week Ending
|
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%
|
Jet fuel delivered:
Jet Fuel Delivered, Change, Four-Week/Four-Week
|
||
Week
|
Week Ending
|
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%
|
