Estimates for US crude oil inventories
The EIA (U.S. Energy Information Administration) released its Weekly Petroleum Status Report on November 22, 2017. It reported that US crude oil inventories fell 1.9 MMbbls (million barrels) to 457.1 MMbbls between November 10 and 17, 2017. Inventories were 31.8 MMbbls (6.5%) lower than in the same period in 2016.
US refinery crude oil demand and imports
US refinery crude oil demand rose 199,000 bpd (barrels per day) to 16,838,000 bpd between November 10 and 17, 2017. Demand was 441,000 bpd (2.6%) higher than in the same period in 2016. Whereas US crude oil imports fell 25,000 bpd to 7,873,000 bpd, they were 295,000 bpd (3.9%) higher than in the same period in 2016.
Impact of US crude oil inventories
Nationwide crude oil inventories were ~57.3 MMbbls (14.3%) above their five-year average for the week ended November 17, 2017, which will weigh on oil prices. Any fall in US crude oil inventories is bullish for oil (BNO) prices. Next, we’ll analyze how US crude oil production and other factors affect oil prices.