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EIA
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16MAY13
EIA data – Weak demand
Yesterday’s EIA Weekly Petroleum Status Report had implied all-product demand down 0.6mmb/d (-3.1%) WoW, dropping from last week’s YTD high to 18.5mmb/d and back below the seasonal average. Weakness in implied demand for the ‘other oil products’ category was mainly...
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18APR13
EIA data – Market unmoved by unexpected crude inventory draw
In yesterday’s EIA Weekly Petroleum Status Report, US crude inventory was down 1.2mmbbl (-0.3%) WoW. That was only the third crude inventory draw YTD and came unexpectedly as market participants were instead looking for a 1.2mmbl build. Even so, the market appeared...
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28MAR13
EIA data – demand jumps
US EIA data for the week to 22 March recorded a 1.1mmb/d WoW jump in demand, likely contributing to larger than expected product draws, particularly of distillate. Crude inventory built quite sharply, by 3.3mmbbl and ahead of expectations, more than reversing...
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21MAR13
EIA data – Unexpected, counter-seasonal crude inventory draw
... flat at 7.2mmb/d. The growth rate since the beginning of the year implies full year average crude production of 7.4mmb/d, or YoY growth of 0.9mmb/d (+14.3%), slightly higher than the 0.84mmb/d YoY growth in US liquids supply forecast by the IEA and EIA. Implied all product demand continues to track last year’s lows, plunging 0.8mmb/d (-4.5%) WoW to 17.8mmb/d. Implied demand dropped in all product categories except for distillates, which rose 0.2mmb/d (+11.3%) WoW to 3.6mmb/d. Implied demand for...
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14MAR13
EIA data – Sharp rise in US production
This week’s EIA data had US crude oil production up 66kb/d WoW (+0.9%) at 7,159kb/d, having previously broken through the 7.1mmb/d level three weeks ago but subsequently languished below that point. The growth rate since the beginning of the year implies full year...
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13MAR13
EIA STEO and OPEC MOMR: Deficit versus Surplus
The EIA published its Short-Term Energy Outlook (STEO) yesterday. The STEO has a small deficit for 2013 (-0.3mmb/d) but a small surplus in 2014 (0.2mmb/d), based on the EIA’s estimate for OPEC crude oil production in 2013 of 30.3mmb/d and 30.5mmb/d in 2014...
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7MAR13
EIA data – Stronger than expected rise in crude oil inventory
This week’s EIA data had crude oil inventory rising 3.8mmbbl (+1.0%) WoW, nearly five times the market expectations of a 0.8mmbbl rise. However, total inventory, excluding SPR, fell 2.4mmbbl (-0.2%) WoW. During February, total inventory, excluding SPR, fell nearly...
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28FEB13
EIA data: Crude oil inventory still rising
This week’s EIA data saw crude oil inventory maintain its upward trajectory in spite of an unexpectedly strong return in refinery utilisation. Crude inventory ended the week to 22 February at 377.5mmbbl, 1.1mmbbl higher than the week before and nearly 12% (39.8mmbbl)...
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22FEB13
EIA data – Crude oil inventory reaches seven-month high
This week’s EIA data, released a day later than usual due to the Presidents Day holiday, had a 4.1mmbbl crude oil inventory build WoW, double market expectations. At 376.4mmbbl, crude inventory levels are at their highest since July 2012 and comfortably above the...
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14FEB13
EIA data – Demand increase and inventory draw
This week’s EIA data saw a sharp increase in implied all product demand, up 1.0mmb/d (+5.5%) WoW to 19.0mmb/d, closing in on the seasonal average. Demand was stronger than year-ago levels (+2.1%), while its a 52-week YoY average continued to improve and is now -0...
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13FEB13
EIA STEO and OPEC MOMR: Differing views
The EIA published its Short-Term Energy Outlook (STEO) yesterday. The STEO has a small deficit for 2012 and also for 2013 (both -0.2mmb/d), based on the EIA’s estimate for OPEC production in 2013 of 30.6mmb/d. However, assuming January OPEC production of...
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31JAN13
EIA data – Substantial crude inventory build
This week’s EIA data saw crude inventory build 5.9mmbbl, more than double market expectations. Crude inventory levels have been high since April 2012, remaining above the top of the seasonal range in absolute terms, and now by some margin, while in terms of Days...
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17JAN13
EIA data – Crude inventory draw hardly makes a dent
This week’s US EIA data surprised the market with a 1.0mmbbl draw on crude inventory; the market was expecting a 2.2mmbbl inventory build. However, that hardly made a dent on crude inventory (-0.3% WoW) and, moreover, there were inventory builds for both gasoline and...
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10JAN13
EIA data – US crude oil production exceeds 7mmb/d
Yesterday’s EIA petroleum status report, the first of the weekly series for the new year, had US crude oil production surpassing the 7mmb/d mark as production rose to the highest levels since 1993. There was a small but counter-seasonal crude inventory build of...
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20DEC12
EIA data – Demand sharply up
This week’s EIA data had implied all product demand sharply up, rising 1.1mmb/d (+3.3%) WoW to 20.0mmb/d and within a fraction of the seasonal average. On a 52-week YoY average basis, implied all product demand improved to -2.1%, from -2.3% in the prior week. The...
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13DEC12
EIA data: Another large inventory build
Similar to last week’s data set, yesterday’s EIA weekly data saw significantly stronger than expected inventory builds in gasoline and distillate. Gasoline inventory rose 5.0mmbbl (+2.4%) WoW to 217.1mmbbl, remaining close to the top of the seasonal range. In just three weeks, gasoline inventory...
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6DEC12
EIA data – Huge product build
This week’s EIA data saw a larger than expected crude inventory draw, though this was more than offset by sharp builds in gasoline and distillate inventory which were significantly greater than market expectations. Gasoline and distillate inventory gained 7.9mmbbl...
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29NOV12
EIA data – Crude inventory remains at elevated levels
This week’s EIA data had crude inventory down a fraction (-0.3mmbbl; -0.1%) WoW but at 374.1mmbbl it remains at high levels and above the top of the seasonal range. In terms of Days Forward Cover (DFC), crude inventory appears comfortable at 25.2 days, over 2 days...
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22NOV12
EIA data – Crude inventory levels still high after inventory draw
This week’s EIA data saw a crude inventory draw of 1.5mmbbl where the market was expecting a 1.0mmbbl build. Even so, crude inventory levels remain high and above the top of the seasonal range, as they have been for most of this year. In fact, the WoW draw was lower...
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8NOV12
EIA data – Sandy saps gasoline demand
This week’s EIA bore the effects of Hurricane Sandy. The US Northeast, through which Sandy blasted, is a significant importer and consumer of petroleum products and the shut down in preparation for the hurricane and from the resulting flooding and power cuts, was...
