Around The Barrel – US Production Fell 1Mbpd, Refinery utilization fell -7.1% on Storms Shut Ins

EIA reported a crude draw of -9.233Mbbls. Gasoline stocks rose another +4.913Mbbls adding to +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -1.417Mbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a draw of -2.008M after last weeks -2.099Mbbls. Domestic US oil production figures fell 1000kbpd with the winter storm shut ins off the all-time high to 13.3mbpd. Refinery utilization fell -7.1% to 85.5%. There was +0.900Mbbls added to SPR … Continue reading “Around The Barrel – US Production Fell 1Mbpd, Refinery utilization fell -7.1% on Storms Shut Ins”

Around The Barrel – U.S. Gasoline and Distillate Stocks Continue to Build

EIA reported a crude draw -2.492Mbbls. Gasoline stocks rose another +3.083Mbbls after +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate also had another build, +2.370Mbbls after +6.528MMbbls and +10.090Mbbls in inventories the prior weeks. The WTI Futures Hub at Cushing stocks fell with a draw of -2.099Mbbls. Domestic US oil production figures rose 100kbpd to the all-time high to 13.3mbpd. Refinery utilization fell -0.30% to 92.6%. There was +0.600Mbbls added to SPR inventory WoW. While … Continue reading “Around The Barrel – U.S. Gasoline and Distillate Stocks Continue to Build”

Into the Vortex – U.S. Natural Gas Storage Draws -154 Bcf Ahead of Great Freeze

EIA reported natural gas storage in the U.S. last week drew less than expected -154Bcf in storage last week with the consensus was for a draw of -163Bcf. NYMEX futures fell 4.5% lower after the data dropped. For perspective in the same week last year stocks were -68Bcf, with a five-year (2017-2021) average -126Bcf. The drastically cold temperatures & production freeze-offs are seen leading to a top 3 natural gas storage withdrawal for Jan 13-19. We have seen projections for … Continue reading “Into the Vortex – U.S. Natural Gas Storage Draws -154 Bcf Ahead of Great Freeze”

IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Thursday revised higher it’s 2024 oil demand growth forecast seeing an improving outlook. This is three months in a row that the IEA has revised higher its oil demand growth forecast for this year. It should be noted that IEA’s projection is more conservative compared to the 2.25 mil bpd forecast made by OPEC this week. The agency said last month record US crude oil supply is squeezing … Continue reading “IEA Revises Oil Demand Growth Forecast Higher for Third Month in a Row”

Into the Vortex – U.S. Natural Gas Storage Draws More Than Consensus -140 Bcf Last Week

EIA reported natural gas storage in the U.S. last week drew larger than expected -140Bcf in storage last week with the consensus was for a draw of -123Bcf. For perspective in the same week last year stocks were -87Bcf, with a five-year (2017-2021) average -219Bcf. This puts storage 436 Bcf above a year ago and 348 Bcf above the 5-year average. Natural gas futures volatility continued rising on the report than falling on warmer weather expectations. The last week has … Continue reading “Into the Vortex – U.S. Natural Gas Storage Draws More Than Consensus -140 Bcf Last Week”

Around The Barrel – EIA Reports More Large Builds in Gasoline and Distillate Stocks

EIA reported a crude build +1.338Mbbls which followed draws of -5.503Mbbls and -6.911Mbbls to finish off 2023. Gasoline stocks rose another +8.028Mbbls after +10.9Mbbls last week, that’s a lot of Gasoline building up. Distillate also had another large build, +6.528MMbbls after the prior week’s +10.090Mbbls in inventories last week. The WTI Futures Hub at Cushing stocks fell with a draw of -0.506Mbbls. Domestic US oil production figures was unchanged just the all-time high to 13.2mbpd. Refinery utilization fell -0.60% to … Continue reading “Around The Barrel – EIA Reports More Large Builds in Gasoline and Distillate Stocks”

Shipping Chaos Continues with Red Sea Attacks and Panama Canal Chokepoint – TC Shipping Monitor

The last month has been chaos for shipping reflected in the different shipping routes since Houthi attacks on merchant ships have caused widespread merchant ships to avoid the southern Red Sea moving manufactured goods and grains to oil and gas. Tanker traffic has dropped sharply through the key Bab al-Mandab Strait. Detours on shipping lines are expected through February, March the world’s second-largest container line A.P. Moller-Maersk A/S said. Diversions come amid ongoing chokepoint at Panama Canal. Shipping lines are … Continue reading “Shipping Chaos Continues with Red Sea Attacks and Panama Canal Chokepoint – TC Shipping Monitor”

Around The Barrel – Crude Oil Draws -5.503Mbbls, Gasoline and Distillate Both Build Over +10.090Mbbls to Close Out 2023

EIA reported a crude draw of -5.503Mbbls following last week’s -6.911Mbbls. Gasoline stocks rose +10.9M after they fell -0.575Mbbls last week and distillate rose +10.090Mbbls after they rose +0.833Mbbls in inventories last week. Crude oil inventories in the Gulf Coast often fall sharply in December. At the end of December each year, parts of Texas and Louisiana, where significant volumes of crude oil are stored, assess ad valorem taxes (meaning, according to value) on end-of-year crude oil inventories. The WTI … Continue reading “Around The Barrel – Crude Oil Draws -5.503Mbbls, Gasoline and Distillate Both Build Over +10.090Mbbls to Close Out 2023”

Into the Vortex – US Natural Gas Storage Falls Less Than Consensus -14 Bcf Last Week

EIA reported natural gas storage in the U.S. last week drew a smaller than expected -14Bcf in storage last week with the consensus was for a draw of -32Bcf. For perspective in the same week last year stocks were -87Bcf, with a five-year (2017-2021) average -219Bcf. US LNG exports near record highs at 15.0 Bcfgpd, there was also record production this past week of 105.80 Bcf/d. Benchmark natural gas futures have rallied in the first week of 2024 with NYMEX HH … Continue reading “Into the Vortex – US Natural Gas Storage Falls Less Than Consensus -14 Bcf Last Week”

Around The Barrel – Crude Oil Draws -6911Mbbls with Year End Tax Adjustments

EIA reported a crude draw of -6.911Mbbls. Gasoline stocks fell -0.575Mbbls and distillate rose +0.833Mbbls in inventories. Crude oil inventories in the Gulf Coast often fall sharply in December. At the end of December each year, parts of Texas and Louisiana, where significant volumes of crude oil are stored, assess ad valorem taxes (meaning, according to value) on end-of-year crude oil inventories. The WTI Futures Hub at Cushing stocks rose again with a build of +1.508Mbbls. Domestic US oil production … Continue reading “Around The Barrel – Crude Oil Draws -6911Mbbls with Year End Tax Adjustments”