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Welcome to this week’s Thirsty Thursday: An Inventory Report. Do you feel that? An extra sense of American pride? Well you should! It was memorial day weekend, and what better way to end Military Appreciation Month than with a red, white, and blue cocktail?
Crude Oil Stocks
This week’s 4.5 million barrel build comes on the back of last week’s 12.5 million barrel draw. The forecast was for another draw, but obviously, we aren’t seeing that.
The API reported a slightly larger build of 5.2 million barrels while also forecasting a draw.
There’s nothing to exciting to report on concerning the ups and downs as of late besides last week’s huge draw its just the regularly scheduled ebb and flow of the crude oil inventories.
Oil and Natural Gas Prices
Brent, despite dropping and rising, ended the week at a similar price to where it started the week. WTI, unfortunately, fell by nearly a dollar over the course of the week. Much of the gains seen by the price of WTI oil can likely be attributed to the rise in the U.S. debt ceiling.
I am still waiting on the day that the price of natural gas begins to climb back up to what we used to consider ‘normal’. Today is not that day. Gas prices fell nearly 2 cents this week before recovering ever so slightly.
Fuels Market
Gasoline stocks remain relatively flat after dropping for a few weeks which spells well for the price of gas which has been creeping higher and higher over the past several weeks.
While gas is technically cheaper this week compared to last week, it might be hard to tell considering it’s a difference of less than 1 cent. If you want to save some money on gas this week I think you already know where to go, Mississippi.
Diesel cheapened too this week by $0.02 on average nationwide. Distillate stocks made a slight comeback this week! While that blue line is awfully close to the bottom edge of the figure, it isn’t out of the ordinary seeing as the grey zone reaches that far south as well. I’d be a whole lot more concerned if current inventories were way out of the grey 5-year range. Meanwhile propane and propylene are overachieving.
Crude Oil Imports/Exports
Net crude oil imports were down just over 100K bbl/d from the last reporting period, but remain about 1 MMbbl/d higher than most of April. This seems to be dominated largely by a drop in exports–imports seem fairly stable.
The overall trend of the last three months seems to be moving away from the zero net import/export mark, but the macro trend toward oil independence still seems to continue.
US Weekly Import/Export Data (May 6-12)
| Product | Imports (Mbbl/d) | Exports (Mbbl/d) | Net (Mbbl/d) |
|---|---|---|---|
| Crude Oil | 6,860 | 4,310 | 2,550 |
| Other Petroleum Products | 2,022 | 6,496 | -4,474 |
| Total Oil + Products | 8,881 | 10,806 | -1,925 |
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’s it for this week. Get out and enjoy that beautiful spring weather!
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