The lede:
- natural gas prices fell 23% to a 7 month low;
- US oil supplies at a 20½ year low;
- Strategic Petroleum Reserve at a new 38-year low;
- total oil + oil products supplies at a 17½ year low;
- record low DUCs, with DUC backlog at 4.5 months
The latest US oil supply and disposition data from the EIA:
- US oil data from the US Energy Information Administration for the week ending October 14th indicated that after a sizable increase in our oil exports and a modest decrease in our oil imports, we needed to pull oil out of our stored commercial crude supplies for the 6th time time in 10 weeks, and,
- for the 27th time in the past 47 weeks, despite another big oil release from our Strategic Petroleum Reserve and despite another million barrels per day of oil supplies that could not be accounted for....
- our imports of crude oil fell by an average of 156,000 barrels per day to average 5,908,000 barrels per day, after rising by an average of 116,000 barrels per day during the prior week, while our exports of crude oil rose by 1,266,000 barrels per day to average 4,138,000 barrels per day, which together meant that the net of our trade in oil worked out to an import average of 1,770,000 barrels of oil per day during the week ending October 14th, 1,422,000 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 12,000,000 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 averaged a total of 13,770,000 barrels per day during the October 14th reporting week…
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