The most recent weekly crude report from the API has said that the US crude oil inventory has fallen by 12 million bbls in the week ending 29th November. Gasoline stockpiles have also fallen by 119 000 bbls but distillate supplies have risen by 540 000 bbls.
Platt’s have agreed with the above figures for gasoline and distillates and have reported that crude supply fell by 1.25 million bbls for the same time frame.
Where has all the oil gone?
The API collects its date voluntarily from refineries, bulk terminal owners and pipeline companies. US refining capacity was at approximately 90% in recent weeks so it is rather odd according to 24/7 Wall St. that the above inventory figure has been reported. Is it an erroneous report or has an anomaly occurred.
For the week ending 22nd November, the US produced approximately 8 million bpd of crude and inventories rose by 3 million bbls that week. There has been no dramatic supply reduction since then from refineries, no reported pipeline supply issues and no unexpected shutdowns at any crude facilities. It is hoped that the US Energy Information Administration’s figures, which are released on 4th December may be able to shed more light on the situation.