WTI change, before/after the report:
- WTI: $37.60 before the release.
- WTI: $37.48 about fifteen minutes after the release
- US crude oil in storage increased by 2.0 million bbls week-over-week
- US crude oil in storage now stands at 500.4 million bbls, still 14% above the already-fat five-year average;
- imports averaged 5.4 million bopd; which was an increase of 0.5 million bopd from the previous week;
- imports averaged about 5.5 million bopd, or 18% less than the same four-week period last year
- refineries operated at 71.8% of their operable capacity; this was a significant drop from last week; refineries along the US gulf coast are still recovering from low-impact Hurricane Laura;
- distillate inventories decreased by 1.7 million bbls but are still a whopping 20% above the five-year average for this time of the year
- propane is
back in the news as near the harvesting season: propane inventories
increased by 2.2 million bbls and are about 12% above the five-year
average; last week, the corresponding numbers were 4.4 million bbls and 11% above the five-year average, so propane looks to be in good shape for farmers;
- jet fuel delivered was down 45.1% compared with the same four-week period last year
US crude oil inventories (re-balancing -- which is not happening):
Week |
Date of Report= |
Change |
Million Bbls Storage |
Over/under 5-year average |
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 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% |
Week 88 |
August 12, 2020 |
-4.5 |
514.1 |
|
Week 89 |
August 19, 2020 |
-1.6 |
512.5 |
|
Week 90 |
August 26, 2020 |
-4.7 |
507.8 |
15% |
Week 91 |
September 2, 2020 |
-9.4 |
498.4 |
14% |
Week 92 |
September 10, 2020 |
2.0 |
500.5 |
14% |
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 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% |
Week 24 |
August 26, 2020 |
5.9 |
0.185 |
-16.900% |
Week 25 |
September 2, 2020 |
4.9 |
-1.000 |
-20.200% |
Week 26 |
September 10, 2020 |
5.4 |
0.500 |
-17.900% |
Jet fuel supplied:
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 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% |
Week 24 |
August 26, 2020 |
-45.70% |
Week 25 |
September 2, 2020 |
-47.10% |
Week 26 |
September 10, 2020 |
-45.10% |
Distillates:
Distillate Fuel Inventories |
|
|
|
Week |
Date of Report |
Change in Millions |
Relative to 5-Yr Avg |
Week 1 |
August 26, 2020 |
1.40 |
24.0% |
Week 2 |
September 2, 2020 |
-1.70 |
23.0% |
Week 3 |
September 10, 2020 |
-1.70 |
20.0% |
Yawn, that is the best word I can think of with this report. Plenty of inventory world wide, companies pumping crude to pay debts, Middle East pumping crude to pay bills.
ReplyDeleteThank you Saudi Ariba for pumping so much oil 6 months ago to keep diesel prices lower for my RV's 55 gallon fuel tank. :-)
Agree completely. I think Saudi Arabia, and OPEC+ for that matter, is in great trouble. They cannot survive on $40 oil and it keeps going lower.
DeleteIt looks like we could very well see another shakeout in US oil sector. I think a fair number of companies will simply be bought by SPACs, private investors, hedge funds, etc. Lots of money to be made even at low prices if operators don't have to answer to shareholders and don't have to pay dividends.
there's a lot of nonsense going round about a "surprise" build, and the reading all kinds of dreadful consequences into that...but what happened is pretty simple and shouldn't have been a surprise to anyone...our oil production and our oil imports partially recovered from hurricane Laura, while our refinery throughput did not, so we had a bit of oil left over. ergo, there's no hidden meaning in this week's build...
ReplyDeleteThat's a running joke I have with regard to "oilprice.com." When they report the API data on Tuesdays (generally) they almost always call is a "surprise" build or a "surprise" draw, although it's usually a "surprise" build. I think it's quite hilarious how it's always a "surprise" to "oilprice.com."
DeleteHaving said that, if these prices don't turn around at some point, I really do think we will see some major changes in US oil industry: mergers, more bankruptcies that were not expected, asset sales, etc.