The weekly EIIA petroleum report:
- US crude oil inventories decreased by 4.5 million bbls; this is on top of the seven million bbls of oil released from the SPR;
- US crude oil inventories now stand at 422.1 million bbls, 6% below the 5-year average;
- US crude oil imported is so unchanged not even worth the time posting it
- refineries reported operating at 92.2% of their operable capacity, coming down significantly after recent highs;
- distillate fuel inventories decreased by 0.8 million bbls; remain 23% below the five-year average;
- propane inventories increased by 2.6 million bbls, but remain 12% below the five-year average
- jet fuel supplied was up 9.9% compared with same four-week period last year
- gasoline demand will be reported later today
- natural gas fill rate will be reported tomorrow.
- WTI: which had been up around a dollar per bbl before the report, is now flat, up maybe 0.2%
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yeah, crude oil exports were at a record high on a weekly basis, & the 4 week average of distillates exports was at a 47 month high..
ReplyDeletei have US commercial crude inventories at 9.1% below the 5-year average; i'd like to see what kind of math the EIA is using to get 6%...
It's interesting you noted that -- 6% below the five-year average. I thought the same thing when I was typing it. I don't follow any of this as closely as you do, but it sure seems 6% is too small a number. Nine percent certainly seems closer, just thinking about it.
Deleteall i did was figure the average of crude inventories as of the 4th weekend of July going back 5 years; it isn't rocket science...
Deletething is, i had never bothered to check that figure until 4 weeks ago, when the EIA"s number went from 10% below the 5-year average to 5% below the 5-year average in one week, and i knew there couldn't be a 5% change in oil inventories week over week, no matter how extreme the numbers were for that week or any of the weeks past...
Maybe the current administration is changing the definition of crude oil or inventories -- along with changing the definition of recession, etc. LOL.
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