The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 10.5 million barrels for the week ended Oct. 11, according to sources. The API report, which was released a day later than usual because of Monday's Columbus Day holiday, also reportedly showed stockpile declines of 934,000 barrels for gasoline and 2.9 million barrels for distillates. Inventory data from the Energy Information Administration will be released Thursday. The EIA data are expected to show crude inventories up by 4 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of nearly 1.8 million barrels for gasoline and 2.6 million barrels for distillates. November West Texas Intermediate crude CLX19, -0.64% was at $53.06 a barrel in electronic trading, down from the contract's $53.36 settlement on the New York Mercantile Exchange.
I'm on the road back to Houston, so will post the EIA storage report late this afternoon.
EIA - Weekly Petroleum Liquids Report - Oct 17
EIA - Weekly Petroleum Liquids Report - Oct 17
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA - Weekly Petroleum Liquids Report - Oct 17
From London:
Oil prices fell on Thursday as industry data showed a larger-than-expected build-up in U.S. inventories but losses were limited after the United Kingdom and the European Union announced they had reached a deal on Brexit.
Oil prices fell on Thursday as industry data showed a larger-than-expected build-up in U.S. inventories but losses were limited after the United Kingdom and the European Union announced they had reached a deal on Brexit.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA - Weekly Petroleum Liquids Report - Oct 17
EIA: Summary of Weekly Petroleum Data for the week ending October 11, 2019
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 11, 2019, which was 221,000 barrels per day less than the previous
week’s average. Refineries operated at 83.1% of their operable capacity last week. < This has a lot to do with the build in crude oil inventories.
> Gasoline production decreased last week, averaging 10.0 million barrels per day.
> Distillate fuel production decreased last week, averaging 4.7 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 70,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 18.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 651,000 barrels per day, and distillate fuel imports averaged 197,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.3 million barrels from the previous week. At 434.9 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.6 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 3.8 million barrels last week and are about 11% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.3 million barrels last week and are about 12% above the five year average for this time of year.
>>Total commercial petroleum inventories decreased last week by 1.6 million barrels last week.
Total products supplied over the last four-week period averaged 21.1 million barrels per day, up by 5.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, up by 2.6% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, down by 2.0% from the same period last year. Jet fuel product supplied was down 1.9% compared with the same four-week period last year.
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Always keep in mind that October is the low point for demand each year. Refiners do a lot of maintenance in October. Demand for home heating oil spikes in November with the first serious cold wave that reaches the Northeast. The low distillate inventories should be drawing a lot of attention.
U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 11, 2019, which was 221,000 barrels per day less than the previous
week’s average. Refineries operated at 83.1% of their operable capacity last week. < This has a lot to do with the build in crude oil inventories.
> Gasoline production decreased last week, averaging 10.0 million barrels per day.
> Distillate fuel production decreased last week, averaging 4.7 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 70,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 18.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 651,000 barrels per day, and distillate fuel imports averaged 197,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.3 million barrels from the previous week. At 434.9 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.6 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 3.8 million barrels last week and are about 11% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.3 million barrels last week and are about 12% above the five year average for this time of year.
>>Total commercial petroleum inventories decreased last week by 1.6 million barrels last week.
Total products supplied over the last four-week period averaged 21.1 million barrels per day, up by 5.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, up by 2.6% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, down by 2.0% from the same period last year. Jet fuel product supplied was down 1.9% compared with the same four-week period last year.
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Always keep in mind that October is the low point for demand each year. Refiners do a lot of maintenance in October. Demand for home heating oil spikes in November with the first serious cold wave that reaches the Northeast. The low distillate inventories should be drawing a lot of attention.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group