EIA Reports Jump in Crude Production
December 21, 2023
The EIA inventory report showed build across the board and helped price ease off their highs in yesterday’s trading. Crude oil inventories were up 2.91 million barrels, gasoline inventories were up 2.71 million barrels and distillate inventories were up 1.49 million barrels. This report was seen overall as bearish for prices in the near term.
Total crude supplies are 443.682 million barrels and last year there were 418.234 million a 25.448 million barrels surplus.
Total gasoline supplies are 226.723 million barrels and last year there were 226.113 million a 610,000 barrel surplus year over year.
Total distillate supplies are 115.024 million barrels and last year there were 119.929 million a 4.905 million barrel deficit year over year.
Propane inventories were down 2.195 million barrels putting total stocks at 93.730 million barrels and last year there were 87.415 million barrels a 6.315 million barrels surplus year over year.
Midwest stocks were down 165,000 barrels putting total stocks 28.532 million barrels and last year there were 25.769 million a 2.763 million barrels surplus year over year.
Gulf Coast stocks were down 1.810 million putting total Gulf Coast stocks at 50.111 million and last year there were 49.893 million a 218,000 barrel surplus year over year.
The EIA reported a jump in crude oil production to a record high of 13.3 million bpd.
The following is from Phin Flynn. News today that Angola is leaving OPEC is raising concerns that there might be growing pressure within the OPEC cartel to raise production.