Pages

Thursday, September 7, 2023

Weekly EIA Petroleum Report -- Same Old Stuff -- Crude Oil In Storage At "Record Low" (?) -- September 7, 2023

Locator: 45560WTI. 

Days of supply, crude oil: folks can fact check me at this site, but it appears we are at a "new record." 

  • US crude oil measured in terms of "days of supply" dropped to 25.0 days. We have not had a "24-handle" since 2019, before the Covid-19 lock down.  
  • $100-WTI? The trend needs to continue and approach 21 days. 
  • US pump prices -- gasoline -- hit highest seasonal level in a decade (see below)

WTI: despite this new data, WTI dropped in price today, now trading below $87 (1:20 p.m. CT, September 7, 2023).

Gasoline: link here.

Weekly EIA petroleum report: link here.

  • US crude oil in storage decreased by a whopping 6.3 million bbls, and had literally no effect on price of WTI after the report came out; folks are obsessed with interest rates and the recession which has been predicted for the past two years;
    • oil trading below $88, though some analysts predict spike in price of oil sooner or later;
    • US crude oil in storage now stands at 416.6 million bbls, 4% below the five-year average -- which means there's still so much oil sloshing around ... 
    • Saudi Arabia knows that (excess oil sloshing around) and will extend their production cuts through the rest of the year;
  • the US imported 9.7% more oil than usual, suggesting the refiners have too much US light shale oil and need heavier oil from other sources;
  • speaking of which, refiners are operating at 93.1% of their refining capacity
  • jet fuel supplied was up 3.2% but other than that the rest of the numbers were pretty much n line with previous reports and expectations;

News: Biden administration cancels several Alaskan oil permits that former president had approved.

Gasoline demand, link here:

2 comments:

  1. total US oil supplies, including SPR, have been hitting new 38 year lows for several weeks now...i don't see that being reported anywhere..

    ReplyDelete
    Replies
    1. I think analysts / writers are more obsessed with soft landing, recession, Jay Powell and the Fed, then oil in storage. Meanwhile WTI climbs higher, not being noticed by most.

      Delete

Note: Only a member of this blog may post a comment.