Weekly report, link here:
- US crude oil in storage: decreased by 1.6 million bbls
- US crude oil in storage: now stands at 512.5 million bbls; 15% above the already-fat five-year average;
- refiners operating at 80.9% -- still historically low but at least in the "80's"
- US crude oil imports averaged 5.7 million b/d last week; up by 109,000 b/d from the previous week;
- US crude oil imports average about 5.6 million bld over the past four week;s about 22% less than the same four-week period last year;
- jet fuel supplied down about the same as the last report; down about 48% compared with same four-week period last year;
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 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 |
|
Week 81 |
June 24, 2020 |
1.4 |
540.7 |
|
Week 82 |
July 1, 2020 |
-7.2 |
533.5 |
|
Week 83 |
July 8, 2020 |
5.7 |
539.2 |
|
Week 84 |
July 15, 2020 |
-7.5 |
531.7 |
|
Week 85 |
July 22, 2020 |
4.9 |
536.6 |
|
Week 86 |
July 29, 2020 |
-10.6 |
526.0 |
|
Week 87 |
August 5, 2020 |
-7.4 |
518.6 |
|
Week 88 |
August 12, 2020 |
-4.5 |
514.1 |
|
Week 89 |
August 19, 2020 |
-1.6 |
512.5 |
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% |
|
Week 15 |
June 24, 2020 |
-62.50% |
|
Week 16 |
July 1, 2020 |
-60.00% |
|
Week 17 |
July 8, 2020 |
-57.20% |
|
Week 18 |
July 15, 2020 |
-51.90% |
|
Week 19 |
July 22, 2020 |
-47.70% |
|
Week 20 |
July 29, 2020 |
-42.10% |
|
Week 21 |
August 5, 2020 |
-40.90% |
|
Week 22 |
August 12, 2020 |
-45.80% |
|
Week 23 |
August 19, 2020 |
-47.60% |
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% |
|
Week 15 |
June 24, 2020 |
6.5 |
-0.102 |
-11.600% |
|
Week 16 |
July 1, 2020 |
6.5 |
-0.600 |
-11.300% |
|
Week 17 |
July 8, 2020 |
7.4 |
1.400 |
-8.500% |
|
Week 18 |
July 15, 2020 |
7.5 |
-1.800 |
-10.200% |
|
Week 19 |
July 22, 2020 |
5.9 |
0.373 |
-13.500% |
|
Week 20 |
July 29, 2020 |
5.1 |
-0.800 |
-13.600% |
|
Week 21 |
August 5, 2020 |
6.0 |
0.900 |
-18.100% |
|
Week 22 |
August 12, 2020 |
5.6 |
-0.389 |
-20.400% |
|
Week 23 |
August 19, 2020 |
5.7 |
0.109 |
-21.700% |
I see a balanced report considering the bottom line of -707 imports on line 33, 5 million barrels. A lot of product was exported. Interesting to see the SPR drop by 2.7 million barrels. Space in the SPR was leased for contango oil, this report does not show what is actually SPR oil vs. oil space leased.
ReplyDeleteAgree. It was such a bland report, I am beginning to wonder whether it's even worth the time/trouble to continue reporting on a weekly basis. In the big scheme of things, very little change over the past several months.
DeleteIt will get interesting for the next 3 months;
ReplyDelete-looks like about 10 million barrels oil left of leased space in SPR.
-without many completions, production decline will continue.
-several producers have stated that shut-ins are decreasing.
-wild card is that it is coming to peak of hurricane season, GOM surface temperature is slightly above average. Sizable hurricanes have shut down production, refineries, close ports.
Although demand is down, balanced with production decline for now. Agree the data is boring, still good data
It's great data. I agree that next three months could get interesting. If new administration comes into office next year, the data will get really, really interesting.
Deletere: refinery utilization low but at least in the "80's"...Aug 16 last year it was at 95.9%, and 17,702,000 barrels per day were being refined, 22.2% more than this week...
ReplyDeleteas John noted, over 700K bpd have been pulled from the SPR over the past two weeks, so it appears we're reversing the additions to the SPR of a couple months ago...that means that the reported storage withdrawal numbers are being deflated now by not including those SPR withdrawals, just as the storage builds of two - three months ago were deflated by not including the additions to the SPR back then...what i'm getting at is that if the SPR is now being used as commercial storage virtually every week, thenwhat goes in & out of it for commercial use should be included in the reported commercial inventory totals, and not be invisible to those who aren't watching closely..
1.Refiners: I made the "at least in the 80's" --somewhat tongue in cheek. It's pretty dismal.
Delete2. SPR. Agree completely. Guys like me would never catch it, but to anyone paying attention it must be pretty obvious. And irritating.