Around The Barrel – US Crude Oil Stocks Continue to Build, Adding 31.2Mbbls in just 4 Weeks.

The relentless build in US crude oil inventories continued this week with another +4.140Mbbls, bringing the last 4 weeks build to 31.242Mbbls. Stocks have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. The EIA reported another +2.315M build there, following +4.267Mbbls, +3.646Mbbls and +2.511Mbbls the prior weeks. Gasoline also had another sizeable build of +2.576M following +1.763Mbbls +3.483Mbbls and +4.114Mbbls the prior weeks. Crude builds have been +533Kbbls, +8.408Mbbls and +18.161Mbbls the weeks prior. Futures … Continue reading “Around The Barrel – US Crude Oil Stocks Continue to Build, Adding 31.2Mbbls in just 4 Weeks.”

EIA Reports WTI Cushing Crude Oil Storage Hub Filling Up Rapidly, +11Mbbls in 3 Weeks.

US crude oil inventories have been building rather stoically in 2023, specifically at the Cushing WTI futures Hub. There was a build +4.267Mbbls this week, following +3.646Mbbls and +2.511Mbbls the prior weeks. Gasoline also had another sizeable build of +1.763Mbbls following +3.483Mbbls and +4.114Mbbls the prior weeks. For crude EIA reported a build of +533Kbbls much lower than the +8.408Mbbls and +18.161Mbbls the weeks prior. Higher futures prices suggest traders appear to be ignoring large US builds and have chosen … Continue reading “EIA Reports WTI Cushing Crude Oil Storage Hub Filling Up Rapidly, +11Mbbls in 3 Weeks.”

Awash with Oil, EIA reports Another Large Crude Build

US crude oil inventories have started 2023 with large builds in Crude and specifically at the Cushing WTI futures Hub. EIA reported a build of +8.408Mbbls which followed +18.161Mbbls the week prior. There was a build of +3.646Mbbls at the Cushing hub following last week’s +2.511Mbbls. Gasoline also had another sizeable build of +3.483Mbbls just under the previous week’s +4.114Mbbls. Traders appear to be ignoring these large builds, despite a risk off movement in equities caught in negative morose from … Continue reading “Awash with Oil, EIA reports Another Large Crude Build”

Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact

EIA reported a build of +18.161Mbbls in crude last week, US crude inventories rose by 18.161Mbbls last week (commercial: +18.961Mbbls; SPR: -0.8Mbbls). The private API reported a massive 14.865Mbbl build prior which the market has largely dismissed as the result of either missed data collection or refinery downtime due to the freezing weather event. Gasoline added 4.114M bbl. Refinery utilization rose just +4.5% still well under the fell 12.4% for the week ending 12/31 due to arctic freeze. US total … Continue reading “Massive +18.161Mbbls Crude Oil Build with Refinery Utilization Down and Year End Tax Impact”

Around The Barrel – Crude Oil Builds with Refinery Utilization Down 12.4% Due to Arctic Freeze

EIA reported a build of +1.694Mbbls in crude, gasoline dropped -0.346M bbl. Total oil and fuel exports 10.55MMbpd, production was 100kbbls higher. Refinery utilization fell 12.4% for the week ending 12/31 due to arctic freeze. Weekly refinery runs fell by 2.329mbpd w/w to 13.820mbpd. US total crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001. US benchmark crude oil futures have sold off since the … Continue reading “Around The Barrel – Crude Oil Builds with Refinery Utilization Down 12.4% Due to Arctic Freeze”

Around The Barrel – Total US Oil and Fuel Exports Dropped to Lowest Since August

EIA reported a build of 718kbbls in crude after last week’s draw of -5.895Mbbls, gasoline dropped -3.1m bbl. Total oil and fuel exports dropped 1.5m b/d to 9.2m b/d, the lowest since August, production was 100kbbls lower. Implied gasoline demand (4-wk avg.) rose 250k b/d to 8.7m b/d. We saw -3.500Mbbls taken from the SPR into the crude oil market. US crude inventories fell by 2,778mb last week (commercial: +0.718mb, SPR: -3.105mb). SPR is the lowest level since 1983 down … Continue reading “Around The Barrel – Total US Oil and Fuel Exports Dropped to Lowest Since August”

Around The Barrel – Crude Oil Drew -5.895Mbbls as SPR hit Lowest Level since December 1983

EIA reported -5.895Mbbls in crude after last week’s huge build of +10.231Mbbls, gasoline increased +2.530M and Distillate fell -0.242Mbbls. We saw -3.600Mbbls taken from the SPR into the crude oil market. US crude inventories fell by 9.542mb last week (Commercial -5.895mb, SPR – 3.647mb). SPR is the lowest level since 1983 down ~206.7Mbbls YTD. US total crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001. … Continue reading “Around The Barrel – Crude Oil Drew -5.895Mbbls as SPR hit Lowest Level since December 1983”

EIA Reports Large Crude Oil and Gasoline Builds with Refinery Utilization -3.3%

The EIA reported huge builds, crude oil stocks drew +10.231Mbbls, gasoline +4.496Mbbls and Distillate +1.364Mbbls with help of -4.700Mbbls from the SPR into the crude oil market. Cushing stocks fell +0.426Mbbls. SPR is the lowest level since March 1984 down ~206.7Mbbls YTD. US total crude oil inventories (both commercial and the Strategic Petroleum Reserve) have fallen to a 36-year low, dropping below the previous bottom set in 2001. Oil prices continued to rise further from last Friday’s low $70.35 to … Continue reading “EIA Reports Large Crude Oil and Gasoline Builds with Refinery Utilization -3.3%”

Heading into US CPI Gasoline Prices Down 35% From Manic Peak

Gasoline prices have fallen over 35% after having soared at the end of last year as supply fell and the economy grew, then came the Russian invasion of Ukraine and the surge in prices. For the fifth consecutive week, the US average gas price fell, down 14.4 cents from a week ago to $3.21 per gallon today, falling below its average of $3.36 from last year, according to GasBuddy data. Gasoline prices have been one of the largest components to … Continue reading “Heading into US CPI Gasoline Prices Down 35% From Manic Peak”

EIA Reports Huge Petroleum Product Builds, Gasoline +5.319Mbbls, Distillate +6.159Mbbls

The EIA reported huge product builds, Gasoline +5.319Mbbls and Distillate +6.159Mbbls while crude oil stocks drew -5.186Mbbls with help of -2.100Mbbls from the SPR into the crude oil market. Cushing stocks fell -0.373Mbbls. WTI oil prices however continued to sell off after the release trading to a new low of $72.42, not seen since its Dec. 23 trough of $72.27 as global recession concerns overhang the demand picture. SPR is the lowest level since March 1984 down ~206.7Mbbls YTD. US total … Continue reading “EIA Reports Huge Petroleum Product Builds, Gasoline +5.319Mbbls, Distillate +6.159Mbbls”