KenB, Author at Beyond The Breakers Trading

Crude Inventory 282K Barrels vs 1.05M Expected

Weekly Crude Storage Data Shows 282 Thousand Barrel Decline

U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending May 24, 2019, which was 189,000 barrels per day more than the previous week’s average. Refineries operated at 91.2% of their operable capacity last week.

Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, down by 81,000 barrels per day from the previous week.

Over the past four weeks, crude oil imports averaged about 7.0 million barrels per day, 8.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,087,000 barrels per day, and distillate fuel imports averaged 177,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.3 million barrels from the previous week. At 476.5 million barrels, U.S. crude oil inventories are about 5% above the five year average for this time of year. Total motor gasoline inventories increased by 2.2 million barrels last week and are about 1% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.

Distillate fuel inventories decreased by 1.6 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories decreased by 0.1 million barrels last week and are about 17% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 1.6 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels per day, down by 2.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels per day, down by 2.2% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 2.6% from the same period last year. Jet fuel product supplied was up 2.9% compared with the same four-week period last year.

Source: StreetInsider

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

Oil takes a hit as U.S. supplies rise a third week and global stock markets drop 12 October 2018

EIA Reports a Third Straight Weekly Rise in U.S. Crude Supplies

The Energy Information Administration reported Thursday that domestic crude supplies climbed by 6 million barrels for the week ended Oct. 5.

The data were released a day later than usual because of Monday’s Columbus Day holiday. Analysts surveyed by S&P Global Platts had forecast an increase of 1.61 million barrels, while the American Petroleum Institute on Wednesday reported a climb of 9.7 million barrels.

Gasoline stockpiles also rose by 1 million barrels last week, while distillate stockpiles declined by 2.7 million barrels, according to the EIA.

The S&P Global Platts survey had shown expectations for a supply rise of 422,000 barrels in gasoline and 1.71 million-barrel decline in distillates.

November crude CLX8, +0.30% fell $1.30, or 1.8%, to $71.87 a barrel on the New York Mercantile Exchange. That’s up from $71.63 before the supply data.

Source: MarketWatch

EIA Reports 8 Million Barrel Build in Crude Inventory

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending September 28, 2018, which was 77,000 barrels per day more than the previous week’s average. Refineries operated at 90.4% of their operable capacity last week.

Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 8.0 million barrels per day last week, up by 163,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.8 million barrels per
day, 10.2% more than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 713,000 barrels per day, and distillate fuel imports averaged 162,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.0 million barrels from the previous week. At 404.0 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 0.5 million barrels last week and are about 7% above the five year average for this time of year.

Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.8 million barrels last week and are about 3% below the five year average for this time of year.

Propane/propylene inventories increased by 2.4 million barrels last week and are about 8% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 8.0 million barrels last week.

Source: EIA

Weekly Petroleum Data for the week ending September 21 2018

Greenback turns to Fed’s dot plot for guidance, Oil hits new highs

The most popular topic across financial market headlines is the relentless appreciation witnessed in global oil prices after OPEC and Russia squarely rejected Donald Trump’s demand to boost output over the past weekend.

Brent Crude has soared to levels not seen since November 2014 when it was above $82.00. Looming US sanctions against Iran coupled with a drop in Venezuela’s output could accelerate the tightening of oil markets at a time where OPEC + have ruled out any immediate increases in oil production. This is overall encouraging investors to price in as much good news as possible over the near-term.

I wouldn’t say the dust is completely clear for potential buyers to send prices back towards $100. The medium-term outlook could still be subject to demand-side fears revolving around what potential impact ongoing trade tensions could have on the global economy down the road. If trade tensions around the globe do weigh on growth, demand for oil is likely to take a hit which inevitably risks translating to lower oil prices.

Today’s main event risk for the US economy and perhaps global markets as a whole will be the outcome to the Federal Reserve policy meeting which is widely expected to conclude with a 0.25% increase to US interest rates. With it already being considered a foregone conclusion that interest rates will be raised today, investors will direct their attention towards the economic projections and dot plot projections for clues on potential rate hike timings for next year.

The Dollar has the potential to appreciate if the Federal Reserve expresses optimism over the US economy, shows little concerns about growing tensions and provides fresh insight into rate hike timings beyond December. This would ultimately lead to a risk of weighing down the Dollar’s global counterparts, and would threaten further selling to emerging markets.

Source: FXTM

Weekly Crude Data Shows 2.1M Barrel Decline in Inventories 14 September 2018

EIA: Weekly Crude Data Shows 2.1M Barrel Decline in Inventories

U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending 14 September 2018, which was 442,000 barrels per day less than previous week’s average. Refineries operated at 95.4% of their operable capacity last week.

Gasoline production decreased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased last week, averaging 5.5 million barrels per day.

U.S. crude oil imports averaged 8.0 million barrels per day last week, up by 433,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.7 million barrels per day, 6.9% more than the same four week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week aver aged 561,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.1 million barrels from the previous week. At 394.1 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.7 million barrels last week and are about 8% 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 0.8 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels last week and are about 12% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 0.4 million barrels last week.

Total products supplied over the last four week period averaged 21.4 million barrels per day, up by 4.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 2.0% from the same period last year.

Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.8% from the same period last year. Jet fuel product supplied was up 5.0% compared with the same four week period last year.

Source: EIA

Commercial Crude Oil Inventories Decreased by 4.3 Million Barrels

Below are the key takeaways from the weekly report published by the U.S. Energy Information Administration.

U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending August 31, 2018.
Gasoline production decreased last week, averaging 10.2 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day.
U.S. crude oil imports averaged 7.7 million barrels per day last week, up by 229,000 barrels per day from the previous week.
Commercial crude oil inventories decreased by 4.3 million barrels from the previous week.
Total products supplied over the last four-week period averaged 21.4 million barrels per day, up by 3.0% from the same period last year.

WTI Oil Futures Hold Solid Gains After Crude Inventory Data 21 August 2018

WTI Oil Futures Extend Gains After Crude Inventory Data

West Texas Intermediate oil extended gains in North American trade on Wednesday, after weekly data showed that oil supplies in the U.S. registered a larger-than-expected draw.

Crude oil for October delivery on the New York Mercantile Exchange rose 91 cents, or 1.33%, to trade at $69.44 a barrel by 10:33 AM ET (14:33 GMT) compared to $69.06 ahead of the report.

The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 2.566 million barrels in the week ended August 24.

Market analysts‘ had expected a crude-stock draw of 0.686 million barrels, while the American Petroleum Institute late Tuesday reported a supply increase of 0.038 million barrels.

Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 0.058 million barrels last week, the EIA said.

Total U.S. crude oil inventories stood at 405.8 million barrels as of last week, according to a press release, which the EIA indicated was “at the five year average for this time of year”.

The report also showed that gasoline inventories decreased by 1.554 million barrels, compared to expectations for a build of 0.370 million barrels, while distillate stockpiles dropped 0.837 million barrels, compared to forecasts for a gain of 1.592 million.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for November delivery traded up 61 cents, or 0.80%, to $76.90 by 10:36 AM ET (15:36 GMT), compared to $76.56 before the release.

Meanwhile, Brent’s premium to the WTI crude contract stood at $7.72 a barrel by 10:38 AM ET (15:38 GMT), compared to a gap of $7.76 by close of trade on Tuesday..

Source: investing.com

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