Here are some key charts based on data from United States’ Energy information Agency (EIA) that explains the level of inventories, refinery demand, and production.
- Chart 1 shows crude oil production in the United States which has reached a new record high of 9.682 million barrels per day.
- Chart 2 has been making the refiners around the world cheer and filling OPEC with joy as it shows that distillate inventories have declined significantly and fallen to 5-year average. It is at 127.78 million barrel. Last week, there was a build of 2.747 million barrels.
- U.S. oil imports have been declining over the past couple of year. Chart 3 shows that imports have fallen well below 5-year average thanks to the hurricane season and devastating effects of Harvey, Irma, and Nate. It is showing signs of a rebound. However, last week, imports declined to 7.329 million barrels.
- Chart 4 shows the level of U.S. crude oil exports, which has declined sharply three weeks ago to 0.869 million barrels per day from record high of 2.113 million barrels per day in the previous week has now recovered to 1.412 million barrels per day.
- Chart 5 shows U.S. refinery demand, which suffered a major blow during Hurricane Harvey and the like of Hurricane Nate is now recovering. Yesterday’s report shows it at 17 million barrels per day.
- Chart 6 shows the level of crude oil inventories, which has declined around 82 million barrels since March to 453.71 million barrels.
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