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Sunday, October 30, 2022

For The Energy Nerds, This Will Be The Other Energy Story Of The Year: EIA's Missing Barrels Of Oil -- October 30, 2022

Link to follow.

Link to "Focus On Fracking."

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 21st indicated that due to two and a quarter million barrels per day of extra US oil supplies that could not be accounted for,

we had oil left to add to our stored commercial crude supplies for the 5th time time in 8 weeks, and for the 21st time in the past 48 weeks, despite record ​shipments of crude​ oil​ exports....

Our imports of crude oil rose by an average of 273,000 barrels per day to average 6,180,000 barrels per day, after falling by an average of 156,000 barrels per day during the prior week, while our exports of crude oil rose by 991,000 barrels per day to a record of 5,129,000 barrels per day, which together meant that the net of our trade in oil worked out to an import average of 1,051,000 barrels of oil per day during the week ending October 21st, 718,000 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 unchanged 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 13,051,000 barrels per day during the October 21st reporting week…

With our oil exports at a record high, we'll include a historical graph of them below, where you can see that prior to the end of 2014, US oil exports, except for those allowed under NAFTA, had been negligible because they had been banned 40 years earlier, in the wake of the Arab oil embargo. The ban on US oil exports was lifted in a spending bill that Congress passed during the last week of 2015, part of a compromise that Obama agreed to in order to avoid a government shutdown...​as you can see, ​th​e recent ​export spike​s​ clearly beat ​the ​previous ​oil export ​highs by a large margin.​..​​

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