February 2019 - Beyond The Breakers Trading

Weekly Crude Inventory Falls 8.6M Barrels

Summary of Weekly Petroleum Data for the week ending February 22, 2019

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending February 22, 2019, which was 179,000 barrels per day more than the previous week’s average. Refineries operated at 87.1% of their operable capacity last week.

Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 1,605,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 10.9% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 473,000 barrels per day, and distillate fuel imports averaged 331,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.6 million barrels from the previous week. At 445.9 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.9 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.

Distillate fuel inventories decreased by 0.3 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories decreased by 1.2 million barrels last week and are about 11% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 17.9 million barrels last week.

Total products supplied over the last four-week period averaged 20.8 million barrels per day, up by 2.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, down by 1.5% from the same period last year.

Distillate fuel product supplied averaged 4.2 million barrels per day over the past four weeks, up by 4.5% from the same period last year. Jet fuel product supplied was up 2.5% compared with the same four-week period last year.

Data Source: StreetInsider

Crude Inventory Data Shows Larger Than Expected Build of 3.63M Barrels

Crude Inventory Data Shows Larger Than Expected 3.63 Million Barrels

Summary of Weekly Petroleum Data for the week ending February 8, 2019

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending February 8, 2019, which was 865,000 barrels per day less than the previous week’s average.

Refineries operated at 85.9% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 936,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.2 million barrels per day, 11.2% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 457,000 barrels per day, and distillate fuel imports averaged 438,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 450.8 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year.

Total motor gasoline inventories increased by 0.4 million barrels last week and are about 4% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.

Distillate fuel inventories increased by 1.2 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories increased by 0.7 million barrels last week and are about 11% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 6.5 million barrels last week.

Total products supplied over the last four-week period averaged 20.8 million barrels per day, up by 0.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, up by 0.7% from the same period last year.

Distillate fuel product supplied averaged 4.3 million barrels per day over the past four weeks, up by 6.5% from the same period last year. Jet fuel product supplied was up 1.2% compared with the same four-week period last year.

Data Source: StreetInsider

Crude Oil Prices Sag on Inventory Build Up 07 February 2019

Oil Heads Lower On Small Inventory Build

A day after the American Petroleum Institute disappointed oil bulls by reporting an estimated inventory build across the board, the Energy Information Administration deepened the mood by saying U.S. crude oil inventories added 1.3 million barrels in the week to February 1.

At 447.2 million barrels, the EIA said, U.S. crude oil inventories are still above the seasonal average but not by much.

In gasoline, the authority reported a build of 500,000 barrels, with daily production at a little less than 9.9 million barrels. A week earlier, gasoline inventories fell by 2.2 million barrels after four weekly builds, and hefty ones, at that, with production averaging 9.9 million bpd.

Distillate fuel inventories last week shed 2.3 million barrels and production averaged 5.1 million barrels per day. A week earlier, inventories recorded a 1.1-million-barrel decline and production averaged 5 million bpd.

Crude oil prices in the meantime remain volatile although not as volatile as some expected after the announcement of the latest round of sanctions by Washington against Caracas. The worry was that the sanctions, targeting specifically PDVSA, will result in a shortage of heavy crude for U.S. refineries on the Gulf Coast, but in actuality, there seems to be sufficient spare production capacity around the world to fill any supply gap resulting from the latest developments in and around Venezuela.

It will take time for the market to factor in this fact and for now the concern about a shortage is being offset by the production cuts OPEC and Russia agreed at the end last year.

EIA’s report tends to have more influence on prices, but any effect will likely be temporary, as seen with earlier weekly inventory reports. All in all, many analysts expect the heightened oil price volatility we have been witnessing for a few months now to remain throughout 2019.

By Oilprice.com

Monthly Archives: February 2019