- US crude oil in storage decreased by a moderate 2.1 million bbls from the previous week;
- US crude oil in storage now stands at 417.9 million bbls, 8% below the five-year average;
- US crude oil imports averaged 5.9 million bbls per day last week, yawn; decreasing by 0.9 million bbls per day from the previous week;
- over the past four weeks, imports averaged 6.3 million bopd, almost 17% more than the same four-week period last year
- US refiners are operating at 89.8% of their operable capacity, no change
- distillate fuel inventories reported by EIA corroborate API estimates from yesterday reporting an increase of 4.4 million bbls last week -- which is a big deal -- based on other data, it suggests "demand destruction" more than anything else -- high prices;
- distillate inventories are 16% below the five-year average
- total products supplied over the last four-week period averaged 21.4 million bbls/day up by 14% from same period last year;
- jet fuel product supplied was up almost 40% compared to same four-week period last year
At time of release of this report:
- WTI: up 1.35%; up $1.04; trading at $78.03.
Net imports of oil and product was close to 6.5 million barrels last week. That in combination with a warm December and Covid depressed demand. JMHO
ReplyDeleteThat would make more sense. Thank you for noting that.
Deleteit looks like an Omicron report to me, ie the largest drops in gasoline demand and production since last year’s lock-down, and the largest build in gasoline inventories over the same period....ex the lock-down, the hit to gasoline production matches up with the worst hurricanes in our history….but that still makes little sense in light of the uptick in refinery throughput..
ReplyDeleteMaybe something skewed due to end-of-year events ... as suggested by another reader. Occasionally we get an outlier when looking at data -- need to see if this is simply a one-off. Next report might help.
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