Link here. The lede:
- US oil supplies at a 19 year low;
- gasoline supplies at 42 week low;
- global oil surplus at 1,630,000 barrels per day
When will this "catch up to us"?
- US oil supplies at a 19 year low;
- gasoline supplies at 42 week low;
Only thing I see when I see this: global recession.
- global oil surplus at 1,630,000 barrels per day
US oil data from the US Energy Information Administration
For the week ending September 9th showed that despite a big drop in our oil imports, a record draw of oil from our SPR meant we had unused oil left to add to our stored commercial crude supplies for the 2nd time time in 5 weeks, and for the 18th time in the past 42 weeks.... in other words, the SPR release was not needed, but we already knew that.
Our imports of crude oil fell by an average of 988,000 barrels per day to average 5,792,000 barrels per day, after rising by an average of 824,000 barrels per day during the prior week, while our exports of crude oil rose by 82,000 barrels per day to average 3,515,000 barrels per day, which meant that the net of our trade in oil worked out to an import average of 2,277,000 barrels of oil per day during the week ending September 9th, 1,070,000 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 12,100,000 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 14,377,000 barrels per day during the September 9th reporting week…
