With the crude market on tenterhooks since API reported a huge surge in inventories (especially at Cushing), [5] DOE reported a considerable 4.2mm barrel build (less than API's 6.3mm) but way above analyst expectations of a modest draw (7th week in a row). Cushing saw a very significant 2.24mm barrel build (API 2.5mm). Crude Production also rose near 3mo highs, putting firther pressure on crude prices which are whipsawing wildly on this data...
The imports breakdown:
- U.S. imports of Canadian crude 3.02m b/d for wk ending Nov. 6 vs 2.77m b/d previous wk, according to preliminary EIA data.
- Saudi Arabia 1.11m vs 865k
- Venezuela 944k vs 595k
- Mexico 637k vs 688k
- Iraq 401k vs 521k
- Colombia 264k vs 176k
- Ecuador 133k vs 263k
- Angola 79k vs 209k
- Nigeria 47k vs 18k
- Total U.S. imports of crude at 7.38m vs 6.94m
- PADD 3 imports at 2.92m vs 2.54m
- PADD 1 imports at 526k vs 654k
- PADD 2 imports at 2.31m vs 2.17m
Inventories rose for the 7th week in a row
[6]
And soared at Cushing...
[7]
Production rose for the 3rd week in a row to 2mo highs..
[8]
The reaction in crude is turmoil...
But the trend is clear..
Charts: Bloomberg
