EIA's Weekly Crude Inventory Report 11-23-16
WTI crude oil futures erased this morning’s light losses following the inventory report from the government which confirmed the surprise draw that the API reported last night. Meanwhile, gasoline and distillate stocks added more than expected last week as refineries hiked output.
*Important Disclaimer: Beginning ON 10/13/16 the EIA will no longer include crude oil lease stocks in U.S. total commercial crude oil inventory data. Crude oil lease stocks refer to oil (currently about 31 million barrels) that is stored in tanks at sites across the United States where producers are drilling on leased land. Lease stocks are not yet available for commercial use, and in many cases, operators do not count them as production until the oil is transferred off the lease.
The Iraqi prime minister came out today agreeing to a production cut.
The sharp change in tone is Iraq's sign that it's folding the terrible hand it was dealt.
Analyst expect an OPEC deal to go through.
As reported yesterday, Iraq was the latest hurdle to a finalized OPEC production cut deal. The prime minister of Iraq, Haider Al-Abadi, came out today and said that "Iraq will cut its output to preserve prices."
See previous crude oil reports ( here).
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending November 18, 2016, 271,000 barrels per day more than the previous week’s average. Refineries operated at 90.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day.
U.S. crude oil imports averaged about 7.6 million barrels per day last week, down by 845,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.1 million barrels per day, 13.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 855,000 barrels per day. Distillate fuel imports averaged 136,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.3 million barrels from the previous week. At 489.0 million barrels, U.S. crude oil inventories are at the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 2.3 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.8 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories decreased by 0.1 million barrels last week.
Total products supplied over the last four-week period averaged about 19.9 million barrels per day, up by 1.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, up by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, up by 1.9% from the same period last year. Jet fuel product supplied is up 10.2% compared to the same four-week period last year.
Complete report ( here )