DOE CRUDE STATS
| August 05, 2009
August 05, 2009
DOE CRUDE STATS August 5, 2009 Song Sung Blue The draw in product inventories as reported in today’s EIA petroleum data report reflects refiner margin management rather than a demand story. US refinery utilization fell to 14.434m b/d, a drop of 670k b/d in throughput since runs peaked at 15.1m b/d in early July. Without that drop in runs, main product inventories would have built. Meanwhile, crude oil stocks built counter-seasonally for the third week in a row, this week by 1.6m bbls.....
DOE CRUDE STATS
| July 29, 2009
Correction
DOE CRUDE STATS July 29, 2009 The Song Remains the Same US crude oil inventories were erroneously referred to as having drawn rather than built in the second paragraph. It has been corrected. The story within this week’s DOE stats is largely a continuation of last week’s, only more bearish for crude. The data indicated a whopping 5.15m bbl build in crude inventories, keeping alive the API’s recent streak of directionally accurate (and bearish) data. Just as last week’s 3.8m bbl cru.....
DOE CRUDE STATS
| July 29, 2009
The Song Remains the Same
DOE CRUDE STATS July 29, 2009 The Song Remains the Same The story within this week’s DOE stats is largely a continuation of last week’s, only more bearish for crude. The data indicated a whopping 5.15m bbl build in crude inventories, keeping alive the API’s recent streak of directionally accurate (and bearish) data. Just as last week’s 3.8m bbl crude draw in PADD V distorted the numbers, this week’s 2.3m bbl build in PADD V biased the headline number upward. But even discounting .....
DOE CRUDE STATS
| July 22, 2009
The California Head Fake
DOE CRUDE STATS The California Head Fake This week’s DOE stats are almost as bearish as yesterday’s data from the API . Headline API data showed a huge crude oil and product build of 3.1m bbls for crude oil and over 1.3m bbls for gasoline. Eliminate the huge 3.8m bbl crude oil stock draw in PADD V from the DOE data and the rest of the US built 1.8m bbls. The other import-sensitive districts built significantly – 924k bbls in PADD I and 1.633m bbls in PADD III . That’s in li.....
DOE CRUDE STATS
| July 15, 2009
July 15, 2009
DOE CRUDE STATS July 15, 2009 Summer Sideways Shuffle While there may be hidden signals in today’s “Weekly Petroleum Status Report” from the US EIA / DOE , the main conclusion is that not much has changed from the prior week. There is no discernible improvement in product demand trends, no sign either that motorists are driving more or that industrial demand is growing. A slight increase in weekly deliveries of/apparent demand for distillates has no impact on four-week averages, and, .....
DOE CRUDE STATS
| July 08, 2009
July 08, 2009
DOE CRUDE STATS Finished, Products Total commercial stocks of crude oil and petroleum products grew by 5.14 mbbls to a colossal 1,114,191 kbbls over the past week, in a march toward new records that doesn’t want to stop. That’s a rate of 734k b/d and includes a crude oil inventory draw of 2.9 mbbls, right at the consensus mid-point. Even so, inventories at Cushing, OK, rose by 1.583 mbbls, and total PADD II inventories rose 893 kbbls. While PADD I (East Coast) inventories built, PA.....
DOE CRUDE STATS
| July 01, 2009
July 01, 2009
DOE CRUDE STATS Sky’s The Limit? At the current rate of growth of total commercial stocks in the US, which rose by 4.4 million barrels over the past week, they could well grow to 1,109,075,000 barrels before stabilizing or drawing down. That would be 20 mbbl – or more than one full day of total demand coverage – than was held in US inventories in September 1998, when oil prices were heading toward $10 a barrel. See attached pdf for detailed charts. The headline inventory numbers show.....
DOE CRUDE STATS
| June 17, 2009
June 17, 2009
DOE CRUDE STATS A large crude draw offset by an equally large gasoline build. Apparent gasoline demand jumps 210 kb/d w-o-w but the four-week average barely moves. Runs drop 73 kb/d w-o-w but the gasoline yield jumps to 62.2%. Imports tick up 67 kb/d and are back above 9 mb/d. US crude oil: -3874k (Bloomberg median -1750k) US gasoline: +3385k (Bloomberg +500k) US distillate: +308k (Bloomberg +900k) Refining: +0.05 (Bloomberg 0.0%) Cushing crude: -5k See attached for graphs US cr.....
DOE CRUDE STATS
| June 10, 2009
Correction
We've included a correction in the first sentence: runs are down nearly 1 mb/d from the 5yr average, not week on week as previously implied.