US Crude Oil -- Days Supply -- September 12, 2021

US gasoline consumption sets record: record-high US oil demand. Link to Tsvetana Paraskova.

• Gasoline inventories fell by 7.2 million barrels for the period, compared with a draw of 1.3 million bpd for the previous week. 
• In middle distillates, the EIA estimated an inventory draw of 3.1 million barrels for the week to September 3, a larger decline compared to the 1.7 million barrels draw for the previous week.
• Finished motor gasoline supplied in the week to September 3 rose to 9.608 million barrels per day, up from 9.578 million bpd for the previous week. 
• On a four-week average, implied gasoline demand in the U.S. stood at 9.523 million bpd, up by 8.9 percent compared to the 8.742-million-bpd four-week average demand for those weeks in 2020 (a lousy year to compare; better to compare with 2019).
  
• Four-week average jet fuel demand was up by 65.3 percent compared to last year, to 1.622 million bpd. Distillate demand was up by 11.2 percent to 4.126 million bpd.
  

Trending toward 2018? Link here. Much could be said about this graphic, but the big takeaway for me is the delta between 2020 and 2021. Think about this: Resident Biden killed the Keystone XL. The #2 US supplier for imported oil: Russia.

Shell in the GofM, link here:

• Shell's Mars, Ursa and Olympus assets remain shut in;
• damage assessments continue at Shell's West Delta-143 offshore facility
• Shell is working to understand the full extent of the damage

Link here for spreadsheet below.

Week	Days Supply	Change w/w
Mar 21 week 1	40.5	8.00%
Mar 21 week 2	41.8	3.21%
Mar 21 week 3	40.2	-3.83%
Mar 21 week 4	36.4	-9.45%
Apr 21 week 1	34.5	-5.22%
Apr 21 week 2	33.1	-4.06%
Apr 21 week 3	33.0	-0.30%
Apr 21 week 4	32.9	-0.30%
Apr 21 week 5	32.3	-1.82%
May 21 week 1	32.3	0.00%
May 21 week 2	32.2	-0.31%
May 21 week 3	32.0	-0.62%
May 21 week 4	31.4	-1.88%
Jun 21 week 1	30.6	-2.55%
June 21 week 2	29.6	-3.27%
June 21 week 3	28.7	-3.04%
June 28 week 4	28.0	-2.44%
July 2 week 1	27.5	-1.79%
July 9  week 2	27.1	-1.45%
July 16 week 3	27.3	0.74%
July 23 week 4	27.2	-0.37%
July 30 week 5	27.5	1.10%
Aug 6 week 1	27.4	-0.36%
August 13 week 2	27.2	-0.73%
August 20 week 3	27.0	-0.74%
August 27 week 4	26.5	-1.85%
Sep 3 week 1	27.2	2.64%