Weekly EIA petroleum report, link here.
- US crude oil in storage decreased by 4.4 million bbls
- US crude oil in storage: 496.0 million bbls, back where we were a couple of weeks ago
- US crude oil in storage remains about 14% above the already-fat five-year average
- US refineries are operating at 75.8% capacity, following Hurricane Laure, we now have Hurricane (?) Sally
- US crude oil imports average 5.0 million bopd, down about half a million bopd; imports still averaging about 20% less than same four-week period last year (2019)
- distillate production increased last week
- jet fuel supplied was down 45.6% compared with same four-week period last year
Re-Balancing:
|
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% |
|
Weej 93 |
September 16, 2020 |
-4.4 |
496.0 |
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% |
|
Week 27 |
September 16, 2020 |
5.0 |
-0.416 |
-20.100% |
Distillate fuel:
|
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% |
|
Week 4 |
September 16, 2020 |
3.50 |
22.0% |
Jet fuel:
|
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% |
|
Week 27 |
September 16, 2020 |
-45.60% |
Overall I see balanced report, crude stocks down, refined products up, stocks of crude and products up ~2,000,000 barrels for the week. Hurricane Sally east of the big oil refining area.
ReplyDeleteWhy are oil futures up today?
I assume oil futures are up due to Hurricane (?) Sally. I don't pay much attention to futures during active hurricane reporting.
DeleteBased on interview of Lynn Helms by Inforum Bismark. "But among the factors driving a recent rebound, Helms said, industry concern over the November presidential election has been a key factor. He said the potential transition from a Trump administration to a Biden administration has many oil companies worried about tightening environmental restrictions on the industry and prompted many of them to push for drilling permits ahead of the November election."
ReplyDeleteElection uncertainty is driving market more than mother nature at the moment
Very interesting. Driving permits on BLM land, I assume, more than on state land, but the real concern is ban on fracking, at least on BLM land.
Delete