Around the Barrel – Gasoline Stocks Draw -2.832Mbbls on Implied Demand of 8.467mbpd

EIA reported a crude build of +4.199Mbbls after prior week’s +3514Mbbls and +12.018Mbbls builds. Gasoline stocks fell -2.832M again pulling back from fresh three-year high three weeks ago with implied gasoline demand of 8.467mbpd. However still a lot of Gasoline in stock. Distillate drew -0.510Mbbls. The WTI Futures Hub at Cushing stocks had a +1.458Mbbls build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization +0.90% to 81.5%. There was +0.743Mbbls added to SPR inventory WoW. … Continue reading “Around the Barrel – Gasoline Stocks Draw -2.832Mbbls on Implied Demand of 8.467mbpd”

Around the Barrel – Distillates Stocks Draw Down Again After Weeks of Builds

EIA reported a crude build of +3514Mbbls after last weeks large +12.018Mbbls build. Gasoline stocks fell -0.293M after reaching a reached a fresh three-year high two weeks ago, still a lot of Gasoline building up. Distillate drew -4.008Mbbls after drawing -3.221Mbbls in inventories last week after weeks of builds. The WTI Futures Hub at Cushing stocks had a +0.741Mbbls build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization unchanged at 80.6%. There was +0.748Mbbls added … Continue reading “Around the Barrel – Distillates Stocks Draw Down Again After Weeks of Builds”

EIA Report +12.018Mbbl Build, Gasoline Stocks Shrink Over -3Mbbls Again -Around The Barrel

EIA reported a crude build of +12.018Mbbls. Gasoline stocks fell -3.658Mbbls after reaching a reached a fresh three-year high two weeks ago, still a lot of Gasoline building up. Distillate drew -3.221Mbbls in inventories. The WTI Futures Hub at Cushing stocks had a +0. 710M build. Domestic US oil production figures remained at the all-time high 13.3mbpd. Refinery utilization fell -1.8% to 80.6%. There was +0.746Mbbls added to SPR inventory WoW. Oil prices volatility continues in a tight range continue … Continue reading “EIA Report +12.018Mbbl Build, Gasoline Stocks Shrink Over -3Mbbls Again -Around The Barrel”

Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel

Oil prices continue to churn on Chinese woes and Mid East Threats after they had their largest weekly decline since October last week, moving higher as Red Sea and Iranian threats grow deeper. EIA reported a crude build of +5.520MMbbls. Gasoline stocks fell -3.146M after reaching a reached a fresh three-year high last week having risen +1.156M, 4.913Mbbls, +3.083Mbbls, +8.028Mbbls and +10.9Mbbls last weeks, that’s a lot of Gasoline building up. Distillate drew -3.221MMbbls in inventories. The WTI Futures Hub … Continue reading “Gasoline and Distillates Stocks Show Big Draws After Weeks of Builds – Around The Barrel”

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”

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”