U.S. OIL INVENTORY DOWN BY 5.6 MBD

OGJ - US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 5.6 million bbl for the week ended Dec. 1 compared with the previous week. The latest estimate is 448.1 million bbl, which puts oil supplies in the upper range for this time of year, the US Energy Information Administration said. 

The Petroleum Status Report also said total motor gasoline inventories increased by 6.8 million bbl. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 1.7 million bbl. 

Propane-propylene inventories increased by 1.3 million bbl, and that level is in the middle of the average range, EIA said. 

US refinery inputs averaged 17.2 million b/d for the week ended Dec. 1, which was 192,000 b/d more than the previous week's average. Refineries operated at 93.8% of capacity. 

Gasoline production decreased, averaging about 9.8 million b/d. Distillate fuel production increased, averaging 5.4 million b/d. 

US crude oil imports averaged 7.2 million b/d, down by 127,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.6 million b/d, nearly 5% less than the same period last year. Total motor gasoline imports averaged 488,000 b/d. Distillate fuel imports averaged 145,000 b/d.

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Earlier:

2017, December, 4, 22:30:00 U.S. RIGS UP 6 TO 929 U.S. Rig Count is up 332 rigs from last year's count of 597, with oil rigs up 272, gas rigs up 61, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 22 rigs from last year's count of 200, with oil rigs up 11, gas rigs up 13, and miscellaneous rigs down 2 to 0.

2017, November, 14, 17:30:00 U.S. OIL + 80 TBD, GAS + 779 MCFD EIA - Crude oil production from the major US onshore regions is forecast to increase 80,000 b/d month-over-month in December to 6.174 million b/d, gas production to increase 779 million cubic feet/day.

2017, October, 23, 11:40:00 U.S. PETROLEUM DEMAND UP TO 2.4% Total petroleum deliveries increased 2.4 percent from September 2016. These September deliveries were the highest September deliveries in a decade. For the third quarter 2017, total petroleum deliveries, a measure of U.S. petroleum demand, increased 2.1 percent from the same period last year to nearly 20.4 million barrels per day. For year to date 2017, total domestic petroleum deliveries increased 1.2 percent compared to the same period last year.

2017, October, 20, 12:20:00 U.S. OIL EXPORT UP BY 300 TBD Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, reaching a record high of 0.9 million b/d. Petroleum product exports also grew over the same period with propane and distillate exports reaching record highs of 0.9 million b/d and 1.3 million b/d, respectively.

2017, October, 18, 18:50:00 U.S. OIL PRODUCTION 9.4 MBD EIA forecasts that U.S crude oil production will average 9.4 million barrels per day (b/d) in the second half of 2017, 340,000 b/d more than in the first half of 2017. Production in 2018 is expected to average 9.9 million b/d, surpassing the previous high of 9.6 million b/d set in 1970.

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