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Welcome to this week’s Thirsty Thursday: An Inventory Report. Happy International Women’s day to all the ladies out there! We are drinking the Wonder Women Shot this week to honor all the amazing women in our lives. Layered grenadine, limoncello, and vodka will surely get you feeling celebratory. And also in the mood for some inventory data, I hope…
Crude Oil Stocks
Do my eyes deceive me? Do your eyes deceive you? No, there really is a draw this week. The EIA reported a 1.7 or so million barrel draw.
Who would have thought we’d see a draw this week? Well, the API did when they forecasted this week’s crude oil inventory to drop by 308,000 barrels. The API reported a much larger draw than the EIA did at 3.8 million barrels.
Well, here’s another reason not to trust my betting advice. I thought we’d follow the same pattern and see a moderately sized build this week but nope, we get the first draw in 11 weeks.
Oil and Natural Gas Prices
Both WTI and Brent dropped ~$3 over the course of the week. One would expect oil prices to be running a little higher than they are considering the inventory draw, however, weak refining capacity and international demand isn’t helping.
Natural gas didn’t have a great week either, falling about 20 cents over the course of the week.
Fuels Market
We had a little bump in gas prices this week which is likely due to the drop in gasoline stocks the past few weeks.
Gas is just slightly more expensive, 7 cents to be exact. A gallon of gasoline in California will cost you just about $5 while a gallon in Mississippi will cost you $3.
Diesel on the other hand cheapened a bit but by only 3 cents.
Crude Oil Imports/Exports
Here is a new section of the report, I thought some insight into the US’s oil imports and exports would be good to cover, so here is a first take at presenting that data to you. First the big picture. Below we are looking at US crude oil imports, exports, and net beginning in 2019 and up to last week.
Zooming in on just this week; while net crude imports/exports are positive, other petroleum products exports heavily outweigh imports this week, bringing the net imports/exports into negative territory.
US Weekly Import/Export Data (Feb 17 – 24)
| Product | Imports (Mbbl/d) | Exports (Mbbl/d) | Net (Mbbl/d) |
|---|---|---|---|
| Crude Oil | 6,456 | 4,068 | 2,388 |
| Other Petroleum Products | 2,289 | 5,953 | -3,665 |
| Total Oil + Products | 8,745 | 10,021 | -1,277 |
Finally, where are those exports going and where are the imports coming from? Below are monthly total crude oil and products data for December, the latest month there is data for.
US Monthly Import/Export Origin and Destination Data (December 2022)
| Export Destination | Total (Mbbl) | Import Origin | Total (Mbbl) |
|---|---|---|---|
| Mexico | 36,952 | Canada | 128,962 |
| Canada | 24,776 | Mexico | 23,618 |
| Netherlands | 22,233 | Saudi Arabia | 18,763 |
That does it for this week. I hope everyone has a great weekend and we’ll see you next week, cheers!
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