Crude Oil Storage Report - Feb 22
Posted: Thu Feb 22, 2018 11:40 am
Note that despite a rather low refinery utilization report, crude oil inventory declined. Also, note (which I have posted here many times) U.S. production flattens out in Q1 because the flush production caused by the mad rush to complete a lot of wells before year-end peters out. It happens each year, but EIA seems to forget it each year. - Dan
Change in Stocks (mbbls)
Crude: -1616
Cushing Crude: -2664
Motor Gasoline: 261
Distillates: -2422 < The ultra light oil from the shale plays does not produce distillates. This will become a BIG DEAL as we move deeper into the year. I explain why in the newsletter.
Change in Production: -1,000 bbl/d
Refinery Utilization: 88.1% < This number will spike to over 95% in April. That is when U.S. crude oil inventories will drop like a rock.
Change in Stocks (mbbls)
Crude: -1616
Cushing Crude: -2664
Motor Gasoline: 261
Distillates: -2422 < The ultra light oil from the shale plays does not produce distillates. This will become a BIG DEAL as we move deeper into the year. I explain why in the newsletter.
Change in Production: -1,000 bbl/d
Refinery Utilization: 88.1% < This number will spike to over 95% in April. That is when U.S. crude oil inventories will drop like a rock.