Wednesday, November 4, 2020

US Crude Oil In Storage Decreased By 8.0 Million Bbls -- EIA -- November 4, 2020

Note: I accidentally rejected / deleted a comment from John. Sorry. I re-posted that comment over my name. Nothing lost. I agree with John's comment. 

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Original Post

Weekly EIA petroleum report, link here.

  • US crude oil in storage decreased by a whopping 8.0 million bbls from the previous week;
  • US crude oil in storage now stands at 484.4 million bbls; about 7% above the already-fat five-year average;
  • refiners operating at 75.3 of their operable capacity;
  • distillate fuel inventories decreased by 1.6 million bbls; inventories are now about 18% above the five-year average;
  • US crude oil imports averaged 5.0 million bopd last week; really not much change in the big scheme of things;
  • jet fuel supplied was down 44.6% compared with same four-week period last year

Re-balancing: in the 100 weeks since continuous tracking on the blog began on November 21, 2018, reports on the following dates showed a decrease of 8.0 million bbls or more of crude oil in US storage:

  • June 26, 2019: a decrease of 12.8 million bbls (469.6 million bbls in storage)
  • January 3, 2020: 11.5 (429.9)
  • July 24, 2019: 10.8 (445.1)
  • July 29, 2020: 10.6 (526.0)
  • August 28, 2019: 10 (427.8)
  • March 20, 2019: 9.6 (439.5)
  • July 10, 2019: 9.5 (459.0)
  • September 2, 2020 (9.4 (498.4)
  • February 27, 2019 (8.6 (445.9)
  • July 31, 2019: 8.5 (436.5)
  • November 4, 2020: 8.0 (484.4)

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 93

September 16, 2020

-4.4

496.0

14%

Week 94

September 23, 2020

-1.6

494.4

13%

Week 95

September 30, 2020

-2.0

492.4

 

Week 96

October 7, 2020

0.5

492.9

12%

Week 97

October 15, 2020

-3.8

489.1

11%

Week 98

October 21, 2020

-1.0

488.1

10%

Week 99

October 28, 2020

4.3

492.4

9%

Week 100

November 4, 2020

-8.0

484.4

7%

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 13

June 10, 2020

6.4

0.000

-13.300%

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%

Week 28

September 23, 2020

5.2

0.160

-24.200%

Week 29

September 30, 2020

5.1

0.045

-21.600%

Week 30

October 7, 2020

5.7

0.600

-18.900%

Week 31

October 15, 2020

5.3

-0.447

-15.400%

Week 32

October 21, 2020

5.1

-0.167

-13.800%

Week 33

October 28, 2020

5.7

-0.131


Week 34

November 4, 2020

5.0

-0.600

-15.400%

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%

Week 5

September 23, 2020

-3.40

21.0%

Week 6

September 30, 2020

-3.20

21.0%

Week 7

October 7, 2020

-1.00

23.0%

Week 8

October 15, 2020

-7.20

19.0%

Week 9

October 21, 2020

-3.80

19.0%

Week 10

October 28, 2020

-4.50

17.0%

Week 11

November 4, 2020

-1.60

18.0%

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 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 29

September 30, 2020

-46.10%

Week 30

October 7, 2020

-47.50%

Week 31

October 15, 2020

-41.80%

Week 32

October 21, 2020

-45.90%

Week 33

October 28, 2020

-44.30%

Week 34

November 4, 2020

-44.60%


1 comment:

  1. I accidentally rejected this comment from John. Sorry.

    Here was John's comment.

    GOM had a a lot of shut-ins due to hurricane Zeta last week and net imports (exports) of crude oil and products was north of 5 million barrels. I see a balanced inventory situation not justifying the increase in crude price Typical week to week chart noise. Should have bought some USO for a 2-3 day hold.

    I agree completely.

    ReplyDelete