Us Crude Supplies At 35-Month Low; Total Oil And Product Supplies At 6 1/2-Year Low

US oil data from the US Energy Information Administration for the week ended Sept. 17 indicated that, despite sizable increases in our oilfield production and our oil imports, we still needed to withdraw oil from our stored commercial crude supplies for the seventh consecutive week, and for the 33rd time in the past 44 weeks.

Our imports of crude oil rose by an average of 704,000 barrels per day to an average of 6,465,000 barrels per day, after falling by an average of 44,000 barrels per day during the prior week. 

Meanwhile, our exports of crude oil rose by an average of 185,000 barrels per day to an average of 2,809,000 barrels per day during the week, which meant that our effective trade in oil worked out to a net import average of 3,656,000 barrels of per day during the week ended Sept. 17. This is 519,000 more barrels per day than the net of our imports minus our exports during the prior week. 

Over the same period, the production of crude oil from US wells was reportedly 500,000 barrels per day higher at 10,600,000 barrels per day, and hence our daily supply of oil from the net of our international trade in oil and from domestic well production appears to total an average of 14,265,000 barrels per day during the week.

US oil refineries reported they were processing an average of 15,347,000 barrels of crude per day during the week ended Sept. 17. This is 960,000 more barrels per day than the amount of oil they processed during the prior week. While over the same period, the EIA’s surveys indicated that an average of 669,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US

Based on reported & estimated data, this week’s crude oil figures from the EIA appear to indicate our total working supply of oil from net imports, from storage, and from oilfield production was 422,000 barrels per day less than what our oil refineries reported they used during the week.

1 2 3 4
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.