EIA - Weekly Storage Report Dec 6

EIA - Weekly Storage Report Dec 6

Postby dan_s » Thu Dec 06, 2018 6:20 pm

DOE reports that “Big Three” petroleum inventories (crude, gasoline, distillates, including changes to the SPR ) fell by 2.8 MMBbls compared to consensus estimates for a build of 1.5 MMBbls, for the week ended November 30

The front-month WTI contract dipped to $50.23 and rebounded to $51.70 in after-hours trading
Total crude oil inventories fell by 8.3 MMBbls
Commercial U.S. crude oil inventories fell by 7.3 MMBbls (consensus estimate: - 2.0 MMBbls) to end the week at 443.2 MMBbls, or 4.9 MMBbls below this time last year.
> Motor gasoline inventories rose by 1.7 MMBbls (consensus estimate: + 1.8 MMBbls) to end the week at 226.3 MMBbls, or 5.4 MMBbls above this time last year.
> Distillate inventories rose by 3.8 MMBbls (consensus estimate: + 1.7 MMBbls) to end the week at 125.6 MMBbls, or 3.8 MMBbls below this time last year.
> Cushing inventories rose by 1.8 MMBbls to end the week at 38.3 MMBbls and are 17.3 MMBbls below this time last year.< Cushing can easily hold over 70 MMBbls. THERE IS NO GLUT

The U.S. refinery utilization rate was 95.5%, down from 95.6% last week.
Total petroleum imports were 8.8 MMBbls per day, down from 10.1 MMBbls per day last week.
Total petroleum products demand was 20.5 MMBbls per day, up 0.582 MMBbls per day from last year's level.
U.S. (lower 48) production was 11.2 MMbbls per day, flat as compared to last week.
U.S. net crude imports fell to 4.0 MMBpd as crude exports surged to 3.2 MMBpd, net imports are well below the four-week moving average of 5.2 MMBpd.
Dan Steffens
Energy Prospectus Group
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