Focus On Fracking — August 6, 2023

Locator: 45361OIL.

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Finally, with the big increase in our oil exports, our commercial supplies of crude oil in storage fell for the 14th time in 31 weeks and for the 25th time in the past year, decreasing by a record 17,049,000 barrels over the week, from 456,820,000 barrels on July 21st to 439,771,000 barrels on July 28th, after our commercial crude supplies had decreased by 600,000 barrels over the prior week. 

With that record decrease, our commercial crude oil inventories ​f​ell back to about 1% below the most recent five-year average of commercial oil supplies for this time of year, but are 30.1% above the average of our available crude oil stocks as of the last weekend of July over the 5 years at the beginning of the past decade, with the apparent disparity between those comparisons arising because it wasn’t until early 2015 that our oil inventories first topped 400 million barrels.