DOE releases inventory reports
November 16, 2023
The DOE inventory report had crude stocks up 3.6 million barrels, gasoline stocks down 1.50 million and distillates down 1.40 million barrels.
Total US crude oil inventories are now at 439.400 million barrels and last year there were 435.355 million barrels. This weeks’ report shows the 3.6 build and last week’s report that was not issued until yesterday showed a 13 million barrel build. So, in two weeks crude oil stocks have built by 16 million barrels and this was needed and is a small headwind for crude even though total stocks are still 2% below the five year average.
Gasoline total stocks are now at 215.700 and last year there were 207.940.
Distillate total stocks are now at 106.600 and last year there were 107.383.
Propane inventories were up 1.3 million barrels putting total stocks at 99.700 million barrels. Last year at this time there were 87.813 million barrels. Propane inventories are still very plentiful. Midwest inventories were up 100,000 barrels putting total stocks at 26.900 million barrels and last year there were 25.463 million. Gulf Coast stocks were down 300,000 barrels putting total stocks at 56.100 million and last year there were 48.113 still very robust supplies on the Gulf.
Energy prices are giving back some of their recent gains as the market is back in its trading range after testing the top. Prices currently seem to be trading on a technical nature more than anything and just watching the news for any big story that could change the current dynamics of the market. Next week will see some disruption to a normal trading schedule for Thanksgiving holiday. Later in the week will likely see less traders at work and less activity as many will extend the holiday for a long weekend.
The global head of research at Vitol, Giovanni Serio, said global oil markets are expected to be fairly balanced with a slight surplus next year as demand and non-OPEC supply growth are exceeding expectations.