oil inventories

US oil exports at a record high, oil supplies at a 18 year low, SPR at a 37 year low

US oil data from the US Energy Information Administration for the week ending July 22nd indicated that despite another large oil withdrawal from the SPR, increased production from our wells, and a refinery slowdown, we still needed to withdraw oil from our stored commercial crude supplies for the 4th time in 6 weeks, and for the 21st time over the past 35 weeks, mostly because of another big increase in our oil exports.

New Record Highs for US Oil Exports, for Gasoline Inventories, and for Oil Inventories

This week's oil data for the week ending February 10th from the US Energy Information Administration showed that our imports of crude oil fell back from last week's 4 year high but still remained elevated, while our refining of that oil fell for the 5th week in a row to the second lowest rate in a year, and as a result there was another large surplus of crude that was added to our oil supplies, which were thus boosted to an all time high.

US gasoline production at record levels, but supplies are still dropping on record exports

Even with a record high in our gasoline production, the EIA reported that our gasoline supplies fell by 1,593,000 barrels to 227,143,000 barrels as of December 23rd. While our gasoline imports fell by 13,000 barrels per day to 434,000 barrels per day, our gasoline exports rose by 354,000 barrels per day to a record high of 1,149,000 barrels per day,

Oil Crashes on Brexit, Oil Imports at a 42 Month High, Record Gasoline Output and Usage

Oil prices crashed along with global financial markets on Friday following the British vote on Thursday to exit the European Union (typically referred to as "Brexit"), which is widely expected to precipitate a period of political instability in Europe.

Oil Inventories Drop by 3.4 Million Barrels as EIA Fudge Factor Swings by 664,000 Barrels Per Day

This Wednesday's Petroleum Status reports for the week ending May 6th from the Energy Information Administration indicated that our crude oil production fell a bit once again and that our imports of oil were virtually unchanged, while US refineries saw another modest increase in the amount of oil that they used.

Crude Inventories Fall for 1st Time in 8 Weeks; Refined Products at Another Record

This week's oil data from the US Energy Information Administration showed that our oil inventories fell for the first time in 8 weeks, as our imports of oil also fell to their lowest in 8 weeks, and refiners used more crude than they had in any prior week this year.

A 33 Month High for Oil Imports Means Yet Another All Time High for Oil Inventories

The reality of the crude oil glut finally caught up with the oil price rally that had been driven by rumors of an OPEC / Russian pact last week, as oil prices fell 5% in their first weekly loss since mid-February. Almost the entirety of that drop occurred on Wednesday, after the EIA release of the weekly oil data, which showed a near record addition to our already record crude stockpiles.