Link here. Lede:
- Oil and natural gas rally on vaccine developments.
US oil supply:
US oil data from the US Energy Information Administration for the week ending November 20th indicated that because of a big increase in refinery use of crude oil this week, we had to withdraw oil from our stored commercial supplies for the 12th time in the past eighteen weeks and for the 18th time in the past forty-five weeks....our imports of crude oil fell by an average of 26,000 barrels per day to an average of 5,228,000 barrels per day, after falling by an average of 245,000 barrels per day during the prior week, while our exports of crude oil rose by an average of 83,000 barrels per day to an average of 2,831,000 barrels per day during the week, which meant that our effective trade in oil worked out to a net import average of 2,397,000 barrels of per day during the week ending November 20th, 109,000 fewer barrels per day than the net of our imports minus our exports during the prior week...
... over the same period, the production of crude oil from US wells was reportedly 100,000 barrels per day higher at 11,000,000 barrels per day, and hence our daily supply of oil from the net of our trade in oil and from well production totaled an average of 13,397,000 barrels per day during this reporting week...
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