Tag: U.S. Crude Oil Inventories

The Energy Information Administration reported that September crude oil production rose by 286,000 barrels per day, averaging 10.860 mmbd. This follows a 399,000 b/d drop in August and a 2 million barrel per day collapse in May. The September 914 figure compares to the EIA’s weekly estimates (interpolated) of 10.703 mmbd, a figure that was 157,000 b/d lower.

The primary cause of the rise in production was reversals in the US Gulf Coast from hurricane activity. USG production rose by 315,000 b/d from August, and Texas output fell 60,000 b/d, while Louisiana was unchanged.

Rebounds were largest in North Dakota (61,000 b/d) and New Mexico (19,000). Given the huge reduction in May and this reduction in August, production dropped by 1.609 mmb/d over the past 12 months. This number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply rose by 120,000 b/d from a year ago. Continue reading "U.S. Crude Oil Production Rises In September" →

The Energy Information Administration reported that August crude oil production fell by 401,000 barrels per day, averaging 10.579 mmbd. This follows a 538,000 b/d rise in July and a 2 million barrel per day collapse in May. The August 914 figure compares to the EIA’s weekly estimates (interpolated) of 10.429 mmbd, a figure that was 150,000 b/d lower.

The primary cause of the drop in production was disruptions in the U.S. Gulf Coast due to hurricane activity. USG production dropped by 453,000 b/d from July, and Texas output fell 49,000 b/d, while Louisiana fell by 17,000 b/d.

Rebounds were largest in North Dakota (126,000 b/d) and New Mexico (27,000). Given the huge reduction in May and this reduction in August, production dropped by 1.806 mmb/d over the past 12 months. This number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply rose by 130,000 b/d from a year ago. Continue reading "U.S. Crude Production Fell In August" →

According to the Energy Information Administration, U.S. crude inventories (excluding SPR) fell by 7.2 million barrels last week to 1.395 billion, and SPR stocks dropped by 0.8 million barrels. Total stocks stand 101 mmb above the rising, rolling 5-year average and about 122 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 336 mmb above that average.

Crude Production

Production averaged 9.9 mmbd last week, off 600,000 b/d from the prior week due to the hurricane impact on USG operations. It averaged 10.525 mmbd over the past 4 weeks, off 16.1 % v. a year ago. In the year-to-date, crude production averaged 11.645 mmbd, off 4.5 % v. last year, about 500,000 b/d lower. Continue reading "Hurricane Causes Modest Crude Stock Draw" →

The Energy Information Administration reported that July crude oil production rebounded by 538,000 barrels per day, averaging 10.984 mmbd. This follows a 427,000 b/d rise in June and a 2 million barrel per day collapse in May. The July 914 figure compares to the EIA’s weekly estimates (interpolated) of 11.045 mmbd, a figure that was 61,000 b/d higher.

Rebounds were largest in North Dakota (157,000 b/d), Texas (103,000), Gulf of Mexico (85,000), Alaska (83,000) and New Mexico (42,000). Given the huge reduction in May, production dropped by 864,000 b/d over the past 12 months. This number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply rose by 70,000 b/d from a year ago. Continue reading "Crude Oil Outlook Is Highly Uncertain" →

According to the Energy Information Administration, U.S. petroleum inventories (excluding SPR) fell by 7.5 million barrels last week to 1.422 billion, and SPR stocks dropped by 0.8 million barrels. Total stocks stand 128 mmb above the rising, rolling 5-year average and about 128 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 363 mmb above that average.

Crude Production

Production averaged 10.7 mmbd last week, off 200,000 mb/d from the prior week. It averaged 10.325 mmbd over the past 4 weeks, off 16.9 % v. a year ago. In the year-to-date, crude production averaged 11.766 mmbd, off 3.2 % v. last year, about 400,000 b/d lower. Continue reading "U.S. Petroleum Inventories Fall" →