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.”

Oil Field Services Giant SLB Earnings Beat Expectations, Raises Dividend

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings Friday before the market opened. SLB increased its quarterly dividend by 43%, raised it to 25.0 cents a share from 17.5 cents a share. Higher demand for its services and equipment, as producers capitalize on the global energy crisis and higher crude and natural gas production. Growth was driven by its core divisions. The oil service giant’s peers Baker Hughes (BKR) … Continue reading “Oil Field Services Giant SLB Earnings Beat Expectations, Raises Dividend”

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”

OPEC Monthly Oil Market Report January 2023

The OPEC Monthly Oil Market Report (MOMR) for January 2023 released Tuesday provides OPEC’s outlook for crude oil market developments for the coming year with key developments impacting oil market trends in world oil demand and supply. Late last year OPEC+ decreased crude oil production by 2mbpd. OPEC left its key forecasts for 2023 oil supply and demand unchanged for the second month in a row. OPEC reiterated uncertainties around global economic growth and the outlook for Russian oil production. … Continue reading “OPEC Monthly Oil Market Report January 2023”

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”

The Difference Between API and EIA Crude Oil Storage Reports

API (American Petroleum Institute) and EIA (Energy Information Administration) are two organizations that publish weekly reports on crude oil storage levels in the United States. The API report is based on data collected from a survey of oil storage facilities and is published on Tuesday afternoons, while the EIA report is based on data from the previous week and is released on Wednesday mornings. The report may be issued on a different date if a holiday falls during the week. … Continue reading “The Difference Between API and EIA Crude Oil Storage Reports”

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”