Wednesday, August 5, 2020

Weekly EIA Petroleum Report -- August 5, 2020

Weekly EIA petroleum report, link here:
  • week-over-week crude oil inventories decreased by 7.4 million bbls
  • US crude oil inventories now stand at 518.6 million bbls, about 16% above the 5-year average for this time of year
  • refiners are operating at 79.6% of their operable capacity
  • jet fuel product supplied was down 40.9% compared with same four-week period last year
US crude oil in storage:

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

15%

Week 81

June 24, 2020

1.4

540.7

16%

Week 82

July 1, 2020

-7.2

533.5

15%

Week 83

July 8, 2020

5.7

539.2

18%

Week 84

July 15, 2020

-7.5

531.7

17%

Week 85

July 22, 2020

4.9

536.6

19%

Week 86

July 29, 2020

-10.6

526.0

17%

Week 87

August 5, 2020

-7.4

518.6

16%


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%


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%


4 comments:

  1. Actually net imports after oil and product exports is ~1.3 million barrels. A lot of the refineries are engineered for heavy oil not light oil. I believe this is the reason for 6 million barrel of imported oil.

    ReplyDelete
    Replies
    1. If I made a mistake on the imports, I will go back and correct it. I was in a hurry.

      But you are absolutely correct about heavy oil and light light; we've discussed it often on the blog. There is nothing wrong with imports; there is a reason the refineries are importing (heavy) oil. Thank you for taking time to write and pointing that out.

      Delete
  2. Waiting for next week, it will be a nice trend if there are three weeks of draw in a row. Time will tell. Marathon ran its report today. Talking about bakken costs being exceptional low, I think it translate to about 4.5 million per well.

    ReplyDelete
    Replies
    1. Thank you. I'm out in Montana with family so I'm not keeping up with all this, so I appreciate the notes. I will definitely note this in a stand-along blog when I get caught up. There are many reasons these wells are coming in at low costs.

      Delete

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