Crude oil prices higher after the inventory report

October 5, 2016 10:53 AM
Weekly Energy Markets Report

The energy complex is trading higher after the Energy Information Administration (EIA) released its latest weekly oil inventory report. The data showed that total crude &and product stocks decreased by 11.210/mmbls to 1379.697/mmbls for week ending Sept. 30. Looking at the year-on-year for Total Crude & Product stocks, we see we are now 76/mmbls above last year’s level for this time of the year and above the five-year average by 231.6/mmbls. 

Crude oil stocks decreased by 2.976/mmbls to 499.740/mmbls versus our projections looking for a build of around 4/mmbls for the week under review. Looking at the year on year we are running at 38.7/mmbls above last year’s level for this time of the year and 120.6/mmbls above the five year average. When we look at the PADD breakdown we saw a mostly higher picture with PADD I showing a build of 1.111/mmbls to 15.350/mmbls and PADD II showed a build of 1.109/mmbls to 147.748/mmbls. Cushing, Okla., showed a build of 569,000/bbls to 62.652/mmbls while PADD III showed a draw of 4.327/mmbls to 260.367/mmbls. PADD IV showed a build of 400,000/bbls to 25.627/mmbls while PADD V showed a draw of 1.268/mmbls to 50.648/mmbls.       

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Energy Market Analysis is published daily by the Energy Management Institute 1324 Lexington Avenue, # 322, New York, NY 10128. Copyright 2008. Reproduction without permission is strictly prohibited. Subscriptions: $129 for annual orders. Editor in Chief: Dominick Chirichella, Publisher: Stephen Gloyd, Editor Sal Umek.