Wednesday, December 9, 2020

Did Anyone See This Coming? US Crude Oil Imports Jump Week-Over-Week -- EIA -- December 9, 2020

Vince Lombardi

My sentiments exactly!

From the weekly EIA petroleum report:

U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 1.1 million barrels per day from the previous week.

Why would this happen? US crude oil inventories increased by a whopping 15 million bbls of oil last week. The last thing the hubs needed was more oil. And yet, the price of oil hardly moves. 

Crude Oil Imports




Week (week-over-week)

Date of Report

Raw Data, millions of bbls

Change (millions of bbls)

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 30

October 7, 2020

5.7

0.600

Week 31

October 15, 2020

5.3

-0.447

Week 32

October 21, 2020

5.1

-0.167

Week 33

October 28, 2020

5.7

-0.131

Week 34

November 4, 2020

5.0

-0.600

Week 35

November 12, 2020

5.5

0.470

Week 36

November 18, 2020

5.3

-0.245

Week 37

November 25, 2020

5.2

-0.026

Week 38

December 2, 2020

5.4

0.171

Week 39

December 9, 2020

6.5

1.100

3 comments:

  1. Imports up, likely contract deliveries or spot deliveries of lower priced crude. Exports down for the reporting period . Bottom line is about even, weekly reports have noisy data. And we do not know when the actual is considered as inventory, it could still be on the tanker waiting to unload for imports, and same for exports. Just my read on today's report

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    Replies
    1. Yes, could be a lot of things. But running through the weekly data, 1.1 million bopd is clearly an outlier. Along with an increase in US crude oil inventories by 15 million bbls it certainly gets one's attention.

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