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 rebounded sharply from 8.41 million barrels per day to 9.51 million barrels per day as the Hurricane effect fades.
- 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 below 5-year average. It is at 129.24 million barrel, down more than 50 million barrels since the beginning of the year.
- 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. However, the latest report showing signs of a rebound.
- Chart 4 shows the level of U.S. crude oil exports, which recently in the last week of September reached the highest level ever around 2 million barrels per day. The latest number from EIA stands at 1.924 million barrels per day, up from 1.798 million barrels last week.
- Chart 5 shows U.S. refinery demand, which suffered a major blow during Hurricane Harvey and is going down again over the effects of Hurricane Nate. Yesterday’s report shows it recovered to 16.02 million barrels per day.
- Chart 6 shows the level of crude oil inventories, which has declined around 77 million barrels since March to 457.3 million barrels.
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