• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 37 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

Against All Odds American Oil Soars Under Biden

Against All Odds American Oil Soars Under Biden

Under most key metrics, the…

M&A Fever Hits Canada's Oil and Gas Industry

M&A Fever Hits Canada's Oil and Gas Industry

The mergers and acquisitions wave…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Huge Jump in US Crude Oil Imports

U.S. crude oil imports. Huge jump in the week ended July 23, with total imports up to 11.15 million barrels daily.

This is the highest weekly level of oil imports since the financial crisis broke late in 2008.

More importantly, it continues the uptrend that's been in place since the beginning of 2010. (Following more than a year of declining crude imports.)

Crude Oil Imports

Strong energy buying is a global theme these days. This week, Japan announced the nation's LNG buying during the first half of 2010 came in at a record 34.68 million metric tons.

The renewed buying seems to be part of the "re-stocking phase" everyone was waiting for. Facing recession last year, users of almost everything were loath to build inventories. They simply didn't know if there would be any demand for products.

Users instead drew down stockpiles. And oil was no exception. Between April 2009 and January 2010, U.S. crude inventories fell by nearly 50 million barrels.

US Petroleum Inventories

But crude stockpiles have been on the rise this year, in step with growing imports. Re-stocking is at hand.

The same has been happening for all manner of commodities. Coal, iron ore, copper. Companies that use these products are betting on a global economic recovery. Which will hopefully mean enough buying of steel, copper wire and other end products to justify stocking up on supplies.

ADVERTISEMENT

The question now is: will buyers for these products actually materialize?

By. Dave Forest of Notela Resources


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Anonymous on August 04 2010 said:
    This is an important article, and I hope that everyone interested in the oil market reads it. What it tells me is that OPEC has more scope to manage the oil price. Something like that must be taking place, since the oil price has touched $82/b. In a sense I'm glad because if that price continues to increase, perhaps the decision makers will make an attempt to learn something useful about energy markets.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News