WTI:
- prior to this report, WTI was trading just below $73/bbl
- after this report was released, WTI moved slightly ahead of $73
- WTI is now up almost 4% for the day (actual: 3.66%)
- up $.258/bbl
- trading at $73.04
- Resident Biden asking for telephone number for AARP (he meant to ask for telephone number for OPEC but was making a small joke for benefit of his staff who are exempt from any vaccine mandate). Another joke.
- not to worry: surge in price of oil is only transitory; will "go away" when Joe Biden goes away.
EIA weekly report, link here.
- US crude oil inventories decreased by a whopping 6.5 million bbls of oil (Hurricane Ida about two weeks ago)
- US crude oil inventories now stand at 417.4 million bbls, 7% below the five-year average
- refiners are operating at 82.1% of their operable capacity (considering all the stories about refineries being down after Hurricane Ida, I thought it would be worse)
- US crude oil imports averaged 5.8 million bpd last week, yawn; down 48,000 bbls per day -- isn't that interesting? --
- US crude oil imports are currently averaging 6.0 million bbls per day, 13.3% more than the same four-week period last year; last year was the year of the plague, if I recall correctly
- total motor gasoline inventories decreased by 1.9 million bbls last week and are 45 below the five-year average
- distillate fuel inventories decreased by 1.7 million bbls last week; distillate fuel inventories are now down an incredible 13% below the five-year average; this all has to do with the Keystone XL being killed
- jet fuel product supplies was up 59.1% compare with same period last year; we need to see comparison to 2019 to put this in proper context
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 17 |
July 8, 2020 |
7.4 |
1.400 |
-8.500% |
|
Week 18 |
July 15, 2020 |
7.5 |
-1.800 |
-10.200% |
|
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 67 |
June 23, 2021 |
6.9 |
0.197 |
-1.00% |
|
Week 68 |
June 30, 2021 |
6.4 |
-0.500 |
2.80% |
|
Week 69 |
July 8, 2021 |
5.9 |
-0.500 |
-2.20% |
|
Week 70 |
July 14, 2021 |
6.2 |
0.347 |
-0.10% |
|
Week 71 |
July 21, 2021 |
7.1 |
0.900 |
2.90% |
|
Week 72 |
July 28, 2021 |
6.5 |
-0.600 |
6.90% |
|
Week 73 |
August 4, 2021 |
6.4 |
-0.075 |
15.80% |
|
Week 74 |
August 11, 2021 |
6.5 |
-0.036 |
16.30% |
|
Week 75 |
August 18, 2021 |
6.4 |
-0.064 |
14.10% |
|
Week 76 |
August 25, 2021 |
6.2 |
-0.193 |
8.80% |
|
Week 77 |
September 1, 2021 |
6.3 |
-0.183 |
13.90% |
|
Week 78 |
September 8, 2021 |
5.8 |
-0.500 |
12.20% |
|
Week 79 |
September 15, 2021 |
5.8 |
-0.048 |
13.30% |
Distillate fuel inventories:
|
Distillate Fuel Inventories |
|
|
|
|
Week |
Date of Report |
Change in Millions |
Relative to 5-Yr Avg |
|
Week 42 |
June 10, 2021 |
4.40 |
-5.0% |
|
Week 43 |
June 16, 2021 |
-1.00 |
-6.0% |
|
Week 44 |
June 23, 2021 |
1.80 |
-4.0% |
|
Week 45 |
June 30, 2021 |
0.90 |
-5.0% |
|
Week 46 |
July 8, 2021 |
1.60 |
-6.0% |
|
Week 47 |
July 14, 2021 |
3.70 |
-4.0% |
|
Week 48 |
July 21, 2021 |
-1.30 |
-4.0% |
|
Week 49 |
July 28, 2021 |
-3.10 |
-7.0% |
|
Week 50 |
August 4, 2021 |
0.80 |
-6.0% |
|
Week 51 |
August 11, 2021 |
1.80 |
-6.0% |
|
Week 52 |
August 18, 2021 |
-2.70 |
-8.0% |
|
Week 53 |
August 25, 2021 |
0.60 |
-8.0% |
|
Week 54 |
September 1, 2021 |
-1.70 |
-9.0% |
|
Week 55 |
September 9, 2021 |
-3.10 |
-12.0% |
|
Week 56 |
September 15, 2021 |
-1.70 |
-13.0% |
