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 |
Done. Thank you.
ReplyDeleteImports 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
ReplyDeleteYes, 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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