EIA Oil Inventories During CERAWeek Get Interesting

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  • #15413

    With all the big players in Houston for…



    Crude oil had most of its stock-build in Padd3 (+2.6 myn bbls) and it is the seventh consecutive week of crude oil build in the US Gulf. Crude oil stocks in Padd3 are -47.7 myn bbls below last year but since the start of the year they have increased by +24.7 myn bbls, compared to +38.1 myn bbls last year and to +27.5 myn bbls in 2016, +27.8
    myn bbls in 2015.

    The Padd3 stock build of 2018 is not as bearish as the one of 2017 but is in line with the build seen in 2016 or 2015 when Saudi Arabia had a push-supply policy.

    Stocks in Cushing were down -0.6 myn bbls and the y/y deficit is widening to -36.2 myn bbls.


    Crude oil imports from Canada stay high at 3.44 myn b/d.
    Imports from Saudi Arabia increased to 780 kb/d
    imports from Iraq jumped to the same level.

    Crude oil exports at 1.5 myn b/d were stable versus the previous week and were close to the four week average.

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