Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month

EIA reported a crude build of +1.234MMbbls. Gasoline stocks reached a fresh three-year high rising another +1.156M adding to 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -2.542MMbbls in inventories. The WTI Futures Hub at Cushing stocks fell with a -1.972M draw after last fortnights draws of -2.008M and -2.099Mbbls. Domestic US oil production figures rose 700kbpd to 103Mbpd as winter storm shut ins came back online, just off the all-time high … Continue reading “Around The Barrel – Gasoline Stock Hit Three Year High Rising Over 28Mbbls Last Month”

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”

Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings before the market opened Friday. For the full year, revenue rose 18% year over year, while adjusted earnings jumped 37%. SLB also raised its quarterly dividend 10% to 27.5 cents from 25 cents. SLB reported adjusted earnings of 86 cents a share for the quarter, beating Wall Street’s call for 84 cents, according to FactSet. Revenue of $8.99 billion was above … Continue reading “Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4”

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”

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”

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”

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”

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”

Around The Barrel – U.S. Crude Oil, Gasoline and Distillate Stocks all Build as US Production Hits New All Time High

EIA reported a crude build +2.909Mbbls. Gasoline stocks rose +2.710Mbbls and distillate rose +1.485Mbbls in inventories. Refinery utilization rose +2.20% to 91.5%. The WTI Futures Hub at Cushing stocks rose again with a build of +1.686MMbbls. Domestic US oil production figures rose to a new all-time high at 13.3mbpd. Oil prices ahead of storage reports hit a two-week high over $75 fueled by focus on the Red Sea’s geopolitical tension. Defiant Houthi rebels attacked & disrupted global trade, prompting the … Continue reading “Around The Barrel – U.S. Crude Oil, Gasoline and Distillate Stocks all Build as US Production Hits New All Time High”

IEA says Record US Supply Squeezing Saudis Out of Prime Markets

Paris-based International Energy Agency IEA in its latest monthly Oil Market Report Tuesday cut fourth-quarter demand growth by 400,000 barrels a day. The agency also said record US crude oil supply is squeezing Saudi Arabia out of prime markets. This is in line with the angst between the cartel members at the recent OPEC+ meeting and the failure to push oil prices significantly higher or see US production fall. Global oil demand growth is slowing sharply as economic activity weakens … Continue reading “IEA says Record US Supply Squeezing Saudis Out of Prime Markets”