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Breaking News:

IEA: OPEC Can’t Save The Oil Market

U.S. Oil Production Soars Despite Shale Bottlenecks

rig

Friday September 21, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

(Click to enlarge)

Key Takeaways

- Crude inventories fell again, the fifth consecutive week of declines. Stocks are now at 394.1 million barrels, the lowest level since early 2015.

- This week, gasoline inventories fell. In previous weeks, increases in gasoline stocks offset the declines in crude inventories. But the decline in gasoline stocks in the most recent report painted a decidedly bullish portrait, although it is unclear if this trend will continue.

1. U.S. gasoline demand still strong

(Click to enlarge)

- U.S. gasoline demand remains robust, despite higher retail gasoline prices and hints earlier this year that pointed to a slowdown.
- In the latest EIA report, gasoline stocks fell again, despite high refining runs, a sign of healthy demand. In other words, even as refiners churned out gasoline at a high rate, the market soaked up the supply instead of diverting it into storage.
- Gasoline demand stood at 9.534 mb/d for the week ending on September 14, or about 0.372 mb/d above the five-year average and up 0.093 mb/d from a year ago, according to Standard Chartered.
- Retail gasoline…




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