Last week we had the following numbers:
U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 27, 2019, which was 496,000 barrels per day less than the previous week’s average. Refineries operated at 86.4% of their operable capacity last week. Gasoline production decreased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week, down by 87,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 15.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 843,000 barrels per day, and distillate fuel imports averaged 50,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.1 million barrels from the previous week. At 422.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 0.2 million barrels last week and are about 3% 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 2.4 million barrels last week and are about 8% below the five year average for this time of year. Propane/ propylene inventories increased by 1.0 million barrels last week and are about 15% above the five year average for this time of year.
Keep also in mind that The United States oil industry has the ability to increase its rate of production by more than one million barrels of oil a day every year and has done so regularly since 2011. Furthermore, the countries of the Middle East can no longer afford to increase their share of the market by flooding it with cheap oil.
And in case we see an increase in oil reserves or suplie , not only energy sector wil see volatiality but also high energy consuming companies.
U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 27, 2019, which was 496,000 barrels per day less than the previous week’s average. Refineries operated at 86.4% of their operable capacity last week. Gasoline production decreased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week, down by 87,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 15.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 843,000 barrels per day, and distillate fuel imports averaged 50,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.1 million barrels from the previous week. At 422.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 0.2 million barrels last week and are about 3% 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 2.4 million barrels last week and are about 8% below the five year average for this time of year. Propane/ propylene inventories increased by 1.0 million barrels last week and are about 15% above the five year average for this time of year.
Keep also in mind that The United States oil industry has the ability to increase its rate of production by more than one million barrels of oil a day every year and has done so regularly since 2011. Furthermore, the countries of the Middle East can no longer afford to increase their share of the market by flooding it with cheap oil.
And in case we see an increase in oil reserves or suplie , not only energy sector wil see volatiality but also high energy consuming companies.
Views and opinions for informational purposes only. Remember, past performance is no guarantee of future results.