Market Report & Analysis for 2/15/2019 Morning Edition
Morning Market Overview
Wednesday’s EIA inventory report was overall bearish based on total combined crude oil and refined product inventories increased for the week. Total combined stocks are now 94.4 million bbls below the record high hit at the end of the first week of February of 2017 but 84.5 million bbls above the low hit in early 2018.
The EIA reported an across the board builds in inventories.
Total US crude oil production was unchanged on the week. Total US crude oil production is about 15.95 percent above where it was for the same week a year ago. This week’s production came in at 11.909 million bpd. Total US crude oil stocks increased after increasing during the previous week as crude oil imports decreased more than exports decreased. Total commercial stocks of crude oil and refined products were modestly higher by 6.5 million bbls and are 58.7 million barrels above last year while the surplus versus the five-year average for the same week came in at 61.2 million barrels. Total combined stocks of crude and refined products are 94.4 million bbls off their record high level. Total crude oil inventories increased even as total crude oil exports decreased less than imports decreased.
Total crude stocks increased by 3.8 million barrels. With the increase in crude oil stocks this week the crude oil inventory status versus last year is showing a surplus of 28.7 million barrels while the surplus versus the five-year average for the same week came in around 23.7 million barrels.
Distillate stocks increased by 1.2 million bbls versus the market expectation for a draw as total US refinery runs decreased to 85.9 percent of capacity with exports increasing on the week. The year over year comparison shows current stock levels at about 1.2 million barrels below last year. The five-year average deficit came in around 0.9 million barrels.
Gasoline inventories increased by 0.4 million bbls and are off the record high level hit last week. The surplus versus last year came in around 9.2 million barrels while the surplus versus the five-year average for the same week came in at 9.8 million barrels.
