FxWirePro: Key charts explaining crude oil inventories and production report of EIA

Here are some key charts based on data from the United States’ Energy Information Agency’s (EIA) latest report that explains the level of inventories, refinery demand, and production.

• Chart 1 shows crude oil production in the United States rose to new record high of 11.6 million barrels per day.
   
• Chart 2 shows the level of U.S. distillate inventories. After a rise in the early months of 2018, it is declining again. According to the latest report, the inventory declined to 122.8 million barrels.
   
• U.S. oil imports have been declining over the past couple of year. But, it has gone up rapidly in recent times thanks to higher refinery demand. However, last week, it rose to 7.54 million barrels per day.
   
• Chart 4 shows the level of U.S. crude oil exports, which declined last week to 2.4 million barrels per day. It reached a record high of 3 million barrels per day, in June.
   
• Chart 5 shows U.S. refinery operating at 90 percent, much lower than 98.1 percent a few months ago, which was the fastest pace since 1998.
   
• Chart 6 shows the level of crude oil inventories, which has declined around 120 million barrels since its peak in April 2017. Inventories rose last week to 431.8 million barrels.