Focus On Fracking -- September 4, 2022

Link here.

• US oil supplies at a new 19-year low;
• Strategic Petroleum Reserve at new 37½ year low;
• total oil + oil products supplies at a new 13½ year low; 
• oil rigs drop most since Hurricane Ida; 
• natural gas rigs at a 3-year high

The Latest US Oil Supply and Disposition Data from the EIA US oil data from the US Energy:

 Information Administration for the week ending August 26th showed that after a decrease in our exports was offset by a decrease in our imports and after a drop in the amount of oil pulled from the SPR was offset by a jump in oil supplies that could not be accounted for, we had to pull oil out of our stored commercial crude supplies for the 5th time in 7 weeks, and for the 24th time in the past 40 weeks.... 

Our imports of crude oil fell by an average of 216,000 barrels per day to average 5,956,000 barrels per day, after rising by 40,000 barrels per day during the prior week, while our exports of crude oil fell by 210,000 barrels per day to average 3,967,000 barrels per day, which meant that our trade in oil worked out to a net import average of 1.989,000 barrels of oil per day during the week ending August 26th, 6,000 fewer barrels per day than the net of our imports minus our exports during the prior week. 

Over the same period, production of crude from US wells was reportedly 100,000 barrels per day higher at 12,100,000 barrels per day, and hence our daily supply of oil from the net of our international trade in oil and from domestic well production appears to have totaled an average of 14,089,000 barrels per day during the August 26th reporting week…

And yet other EIA sources tell us US gasoline demand is "down."