The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3.3 million barrels in the week ended April 6. That compared with analysts' expectations for a decline of around 0.6 million barrels, while the American Petroleum Institute late Tuesday reported a supply-gain of 1.8 million barrels.
Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, rose by 1.1 million barrels last week, the EIA said.
Total U.S. crude oil inventories stood at 428.6 million barrels as of last week, which the EIA considered to be in the lower half of the average range for this time of year.
Domestic oil production- driven by shale extraction - rose to a fresh all-time high of 10.52 million barrels per day last week, keeping it above Saudi Arabia's output levels and within reach of Russia, the world's biggest crude producer.
The report also showed that gasoline inventories increased by 0.5 million barrels, compared to expectations for a decline of 1.4 million barrels.
For distillate inventories including diesel, the EIA reported a drop of 1.0 million barrels.
Oil Storage Report - April 11
Oil Storage Report - April 11
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Storage Report - April 11
BMO Commodity Market Report: "There are rumors that the Saudis have an $80 oil target in mind, and with the IEA indicating any oil surplus will be depleted within 3 months, there is a good chance for Brent to hit $80 sooner rather than later. The strength in backwardation in the Brent market is certainly indicating a demand market."
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Storage Report - April 11
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Oil Storage Report - April 11
Summary of Weekly Petroleum Data for the Week Ending April 6, 2018 (My comments in blue. - Dan)
U.S. crude oil refinery inputs averaged over 17.0 million barrels per day during the week ending April 6, 2018, 83,000 barrels per day more than the previous week’s average. Refineries operated at 93.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.3 million barrels per day. < Refineries will ramp up to more than 95% of capacity by the end of April because they are behind the curve on gasoline and diesel supplies.
U.S. crude oil imports averaged 8.7 million barrels per day last week, up by 752,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 1.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 655,000 barrels per day. Distillate fuel imports averaged 125,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.3 million barrels from the previous week. At 428.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
Total motor gasoline inventories increased by 0.5 million barrels last week, but are in the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.0 million barrels last week but are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 0.4 million barrels last week, but are in the lower half of the average range. Total commercial petroleum inventories increased by 6.0 million barrels last week. < Gasoline inventories MUST BE IN THE UPPER HALF this time of year (they always are) because a BIG SPIKE in demand starts in May. Days of supply for all of this stuff is way below 30 days.
Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 5.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, down by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the last four weeks, down by 3.6% from the same period last year. Jet fuel product supplied is up 4.3% compared to the same four-week period last year.
Keep in mind that we now export a lot of refined products as South America relies heavily on transportation fuels coming from the U.S.
U.S. crude oil refinery inputs averaged over 17.0 million barrels per day during the week ending April 6, 2018, 83,000 barrels per day more than the previous week’s average. Refineries operated at 93.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.3 million barrels per day. < Refineries will ramp up to more than 95% of capacity by the end of April because they are behind the curve on gasoline and diesel supplies.
U.S. crude oil imports averaged 8.7 million barrels per day last week, up by 752,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 1.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 655,000 barrels per day. Distillate fuel imports averaged 125,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.3 million barrels from the previous week. At 428.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
Total motor gasoline inventories increased by 0.5 million barrels last week, but are in the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.0 million barrels last week but are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 0.4 million barrels last week, but are in the lower half of the average range. Total commercial petroleum inventories increased by 6.0 million barrels last week. < Gasoline inventories MUST BE IN THE UPPER HALF this time of year (they always are) because a BIG SPIKE in demand starts in May. Days of supply for all of this stuff is way below 30 days.
Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 5.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, down by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the last four weeks, down by 3.6% from the same period last year. Jet fuel product supplied is up 4.3% compared to the same four-week period last year.
Keep in mind that we now export a lot of refined products as South America relies heavily on transportation fuels coming from the U.S.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group