Thirsty Thursday: An Inventory Report (3/30/23)

Posted: March 30, 2023
Previous Reports

Welcome to this week’s Thirsty Thursday: An Inventory Report. We are drinking the Fools Gold cocktail this week. While it may look sweet, it is actually pretty spicy! In honor of April Fools Day mix up one of these deceivingly tasty cocktails and join us for this week’s inventory report.

Photo by Jenny Pace on Unsplash

Crude Oil Stocks

Although the streak has already been broken, it’s still refreshing to see another draw and a large one at that! The EIA obviously didn’t expect it considering they forecasted a build of about 100 thousand barrels.

The API also didn’t expect a draw, nor such a large one at that. They did, however, report a smaller draw of right around 6 million barrels.

According to various reports, refineries are back online, meaning refining capacity is back up. A jump in refining capacity is the most likely cause for the draw this week.

Oil and Natural Gas Prices

While WTI and Brent prices jumped this week, WTI increased by nearly 2%, beating out Brent’s increase of ~1.3%. WTI’s price jump is likely due to the EIA’s report on the inventory draw.

Brent Crude Oil
WTI Crude Oil

Natural gas did not have a good week. Prices fell from a weekly high of $2.361 to where they sit now at $2.111, a drop of 10.6%.

Natural Gas Price

Fuels Market

Not only was there an oil inventory draw, but a gasoline stock draw too. Summer demand is picking up again and gas prices are holding steady in the face of increased supply despite strong demand.

More specifically, gas is on average exactly 5 cents more expensive this week with the most expensive gasoline in, you guessed it, California. The cheapest gasoline is in none-other-than Mississippi.

Diesel cheapened this week by 3.4 cents, nothing to celebrate but is hopefully a sign of cheaper gas in the long term.

Crude Oil Imports/Exports

Due to the sporadic and distant updates on import/export data, this section of the report will only be updated when the EIA updates its information too, and it looks like the EIA has refreshed its data so here is the second installment of the “Crude Oil Imports/Exports” section.

As of the week ending the 24th, crude oil imports have hit their lowest in a month by nearly a thousand barrels of oil per day. Crude oil exports are also down this week, sitting at 4,584 Mbbl/d.

US Weekly Import/Export Data (March 17 – 24)

ProductImports (Mbbl/d)Exports (Mbbl/d)Net (Mbbl/d)
Crude Oil5,3254,584741
Other Petroleum Products2,2756,038-3,763
Total Oil + Products7,60010,622-3,022

Data on where exports are going and where imports are coming from hasn’t been updated since December so here is that information. It looks like most of the exports in December came from Canada, no surprise there, and most went to Mexico.

US Monthly Import/Export Origin and Destination Data (December 2022)

Export DestinationTotal (Mbbl)Import OriginTotal (Mbbl)
Netherlands22,233Saudi Arabia18,763

That does it for this week. I hope everyone has a great weekend and we’ll see you next week, cheers!

Photo by william william on Unsplash

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