EIA Confirms Record 17.8 Million-Barrel Draw in US Crude Including SPR
The Energy Information Administration reported that U.S. crude inventories, including the Strategic Petroleum Reserve, fell by a record 17.783 million barrels last week, as commercial crude stocks dropped 7.863 million barrels and the SPR shrank by 9.920 million. On that combined basis, it was the largest weekly decline in data dating back to 1982, while the SPR posted its biggest one-week draw on both an absolute and percentage basis.
The official figures followed earlier industry data that had pointed to a sharp inventory decline. Separate EIA demand data indicated U.S. consumption remained firm even with oil above $100 a barrel, with total products supplied averaging 20.2 million barrels a day over the past four weeks, up 3.1% from a year earlier.
From the sources (25 posts)
@rory_johnstonThe US SPR emergency drawdown rate broke above 1.2 million barrels per day (MMbpd) for the first time two weeks ago. Last week, it just broke above 1.4 MMbpd. Going to be a year of many, many records being broken in the oil market.
@macroedgeresRecord SPR draw Inventories fell by all-time record ~9.9mb w/w to 374.2mb last week Sour down ~6.1mb to 231.9mb Sweet down ~3.9mb to 142.2mb #MacroEdge
@gasbuddyguyas the SPR drops and more oil is sold overseas, U.S. inventories are now drawing at very fast levels- WTI crude oil now up $3.41/bbl to $109/bbl as more US inventory heads overseas. looking for record US oil and refined exports again this w
@gasbuddyguybreakdown of SPR drop over the last week- heavily skewing to the preferred heavy/sour oil
@gasbuddyguyRECORD: the Strategic Petroleum Reserve just fell by its largest ever weekly amount: almost 10 million barrels. Total SPR now at under 375 million barrels.
@staunovoUS SPR crude inventories fell by RECORD ~9.9mb w/w to 374.2mb last week #oott Sour down ~6.1mb to 231.9mb Sweet down ~3.9mb to 142.2mb
@macroedgeresThe massive drawdowns continue API Inventory Moves crude -9.1 million (exp. -3.4 million) gasoline -5.8 million distillates -1.0 million Cushing -1.4 million SPR actual -9.9 million #MacroEdge
@macroedgeresLargest weekly drawdown from the SPR… on record!
@hfi_researchAPI undercounted the draws last week, so EIA will report lower draws for the 3 below. Crude is between -7 to -8. Gasoline will be slightly lower.
@gasbuddyguythe DRAIN of U.S. petroleum inventories continues
@oilheadlinenewsAPI Crude -9.1 million (exp. -3.4 million) Gasoline -5.8 million Distillates -1.0 million Cushing -1.4 million SPR actual -9.9 million
@tomklozaSPR drawdown of nearly 10-million barrels of crude will dominate tomorrow's EIA report. API showing a 5.8-million barrel draw in gasoline could spook those RBOB sellers this week. Distillate draw of ~1-million bbl puts us closer to pivotal
@firstsquawkUS CRUDE OIL INVENTORIES ACTUAL: -7863K VS -4306K PREVIOUS; EST -2815.33K
@deitaoneDOE: US CRUDE OIL STOCKS -7.863M BBL IN WK; SEEN -3M BBL
@firstsquawkUS CUSHING CRUDE OIL INVENTORIES ACTUAL: -1604K VS -1702K PREVIOUS
@staunovoUS petroleum inventories (crude, SPR, refined products) fell by 18.941mb to 1,601.408mb last week - EIA #oott
@gasbuddyguyEIA, week ending 5/15 Crude oil: -7.9M Domestic prod: 13.702MMbpd Cushing: -1.6M Gasoline: -1.5M Mogas supplied: 8.767MMbpd Distillates: +0.4M Refiner utilz: 91.6% Ref inputs: 16.642MMbpd Total exports: 13.096MMbpd #oil #eia #gas
@staunovoUS crude oil inventories fell by 17.783mb last week (commercial: -7.863mb, SPR -9.920mb) EIA #oott
@oilheadlinenewsUS petroleum inventories (crude, SPR, refined products) fell by 18.941mb to 1,601.408mb last week - EIA @staunovo
@oilheadlinenewsEIA: Crude: -7.863M Cushing: -1.604M Gasoline: -1.548M Distillates: +0.372M
@gasbuddyguyEIA report: Gulf refiners the *only* region to see nearly full refinery utilization thanks to exports- 97.2% of capacity- other PADDs all below 90%, PADD 4 below 80%
@staunovoImplied US oil demand (product supplied) rose by 558kbpd w/w to 20.449mbpd last week w/w in kbpd gasoline +13 jet fuel +235 distillate +124 residual fuel oil -52 propane/propylene +576 other oils -337 EIA #oott
@deitaoneBRENT CRUDE FUTURES EXTEND LOSSES, DOWN 4.3%, AFTER EIA STORAGE REPORT U.S. CRUDE FUTURES EXTEND LOSSES, DOWN 4.1%, AFTER EIA STORAGE REPORT
@deitaoneU.S. DIESEL FUTURES EXTEND LOSSES, DOWN 3.8%, AFTER EIA STORAGE REPORT U.S. GASOLINE FUTURES LOSSES, DOWN 3.5%, AFTER EIA STORAGE REPORT
@gasbuddyguyU.S. gasoline inventories have fallen to their lowest May level since 2014