Thirsty Thursday: An Inventory Report (4/13/23)

Posted: April 17, 2023
Previous Reports

Welcome to this week’s Thirsty Thursday: An Inventory Report. With Easter just a few days in the rearview mirror I thought we would drink a Peeptini today. I know I know, it sounds weird, but it may surprise you! Made with a peep, vodka, and a few other ingredients it that might seem odd but sure make it look good. I couldn’t find a royalty-free image of a peep cocktail so here’s a more generic looking one.

Photo by Alexander Mils on Unsplash

Crude Oil Stocks

The EIA had forecasted a draw of a mere 583,000 barrels of crude this week while the reported number is close in absolute value, it goes in the other direction. This week the EIA saw a build of nearly 600,000 barrels of crude.

It isn’t too often that the API forecasts a number more conservative than the actual reported value for that week, but here we are. The API forecasted a draw of 1.3 million barrels on the nose, however, reported an actual build value of 377,000 barrels of crude.

It seems the swings in stockpiles have cooled off since the high highs of January and February. There hasn’t been a build or draw of more 7.5 million barrels since February 23.

Oil and Natural Gas Prices

The OPEC cuts have had a lasting effect on oil prices as both WTI and Brent jumped this week by around $2. WTI is sitting right around $80.91, while Brent is at $85.39.

Brent Crude Oil
WTI Crude Oil

Natural gas hasn’t hit its stride yet but I’m sure it will at some point in the year. For now natural gas is $2.018, just barely in the $2 range.

Natural Gas Price

Fuels Market

The summer fuel blend has been reintroduced to gas stations across the country now which is much cheaper than the winter blend. That said, the price of gas has increased for a consecutive week, more than likely due to the increase in the price of crude. Demand is also strong lately as beautiful weather plagues the country.

Gasoline got about 7 cents more expensive compared to the previous week. California is dangerously close to breaking $5 gasoline, while Mississippi still claims cheapest gas in the nation.

Diesel basically remained the same price but technically increased by 0.1 cents. Distillate stocks, an excellent proxy for diesel stocks, are down but still within their 5-year range. Propane and propylene stocks are trending downwards too, however, they are right on track with what is typical for this time of year.

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

If you feel that any image, gif, or other related content infringes on your copyright, please email to have that looked into or removed.

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