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Welcome to this week’s Thirsty Thursday: An Inventory Report. While the inventory data may not be consistent from week to week, do you know what is? Our mothers; so what better way to celebrate than to mix up a Mother’s Day cocktail and dive into the data for this week? This week’s cocktail is the Miss Elena, which is a take on the classic espresso martini.
Crude Oil Stocks
Interestingly, the EIA forecasted an inventory draw this week and reported a build. Not only was it a build but a decent-sized one at nearly 3 million barrels.
The API also expected a draw but like the EIA reported a build and an even larger one at that of 3.6 million barrels.
This build marks the largest we’ve had in 12 weeks! Little swing in either direction has helped to keep US oil inventories well within the past 5-year range, which bodes well for consumers.
Oil and Natural Gas Prices
Brent and WTI prices did recover… but have since slipped back down to just above their lows of last week. WTI recovered a bit more than Brent did but still sits just above $70.
Natural gas is a similar story where it first dipped earlier in the week, recovered, and slipped down to $2.178.
Fuels Market
Good for consumers is the slow descent of gasoline prices. Less good is the slow decent of gasoline stocks… It feels like we’re waiting for those stocks to bottom out after which prices will likely climb back up.
A drop of 3 cents is nothing to celebrate but I’ll take it. Meanwhile Mississippi gas has crossed over to the better side of $3.
Diesel dropped even more and is now 5 cents cheaper. Distillate stocks are also down and are getting scarily close to the levels seen during the “diesel crisis”.
Crude Oil Imports/Exports
The United States continues to inch towards being a net crude exporter as it sells crude to Mexico, NATO allies, China, and a few other commercial partners. However, imports from Canada and a few other countries continue to outweigh crude oil exports.
The trend towards becoming a net oil exporter continued this week and, if trend-ology is to be believed, looks to be accomplished within a decade.
US Weekly Import/Export Data (April 22 – 28)
| Product | Imports (Mbbl/d) | Exports (Mbbl/d) | Net (Mbbl/d) |
|---|---|---|---|
| Crude Oil | 6,396 | 4,737 | 1,659 |
| Other Petroleum Products | 4,951 | 5,920 | -3,969 |
| Total Oil + Products | 8,348 | 10,657 | -2,309 |
We have updated information on where our oil is coming from and where it’s going! It’s not like it’s from last month or anything though as there seems to be about a 3-month delay, regardless I hope you find it as interesting as I do.
US Monthly Import/Export Origin and Destination Data (Month of February 2023)
| Export Destination | Total (Mbbl) | Import Origin | Total (Mbbl) |
|---|---|---|---|
| Mexico | 32,296 | Canada | 113,636 |
| China | 26,757 | Mexico | 22,108 |
| Canada | 23,704 | Saudi Arabia | 10,863 |
| South Korea | 18,213 | Iraq | 8,352 |
| Japan | 17,326 | Colombia | 5,621 |
That does it for this week, take care of your mother and all the mothers out there!
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