Still a lot of uncertainty about US oil storage status. Nobody knows just what production is, how close to effectively full the oil tanks are. or how fast those SUV sales will drive up domestic demand.
Perhaps this will be informative?
Data for week ending Mar. 6 | Release Date: March 11 | Next Release Date: March 18, 2015
U.S. crude oil refinery inputs averaged 15.3 million barrels per day
during the week ending March 6, 2015, 187,000 barrels per day more
than the previous week’s average. Refineries operated at 87.8% of their
operable capacity last week. Gasoline production decreased last week,
averaging about 9.2 million barrels per day. Distillate fuel production
increased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.8 million barrels per day last week,
down by 575,000 barrels per day from the previous week. Over the
last four weeks, crude oil imports averaged over 7.1 million barrels
per day, 1.2% below the same four-week period last year. Total motor
gasoline imports (including both finished gasoline and gasoline blending
components) last week averaged 536,000 barrels per day. Distillate fuel
imports averaged 524,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 4.5 million barrels from the previous
week. At 448.9 million barrels, U.S. crude oil inventories are at the
highest level for this time of year in at least the last 80 years.
gasoline inventories decreased by 0.2 million barrels last week, but are
well above the upper limit of the average range. Both finished gasoline
inventories and blending components inventories decreased last week.
Distillate fuel inventories increased by 2.5 million barrels last week but
are in the lower half of the average range for this time of year. Propane/
propylene inventories fell 1.3 million barrels last week but are well
above the upper limit of the average range. Total commercial petroleum
inventories increased by 2.5 million barrels last week.
Total products supplied over the last four-week period averaged 19.6
million barrels per day, up by 5.5% from the same period last year. Over
the last four weeks, motor gasoline product supplied averaged over
8.7 million barrels per day, up by 2.8% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels per day over
the last four weeks, up by 12.8% from the same period last year. Jet fuel
product supplied is up 10.5% compared to the same four-week period
The WTI price was $49.61 per barrel on March 6, 2015, $0.23 below
last week’s price and $53.21 under a year ago. The spot price for
conventional gasoline in the New York Harbor was $1.691 per gallon,
$0.129 less than last week’s price and $1.113 below a year ago. The
spot price for No. 2 heating oil in the New York Harbor was $1.738 per
gallon, $0.185 under last week’s price and $1.266 less than a year ago.
The national average retail regular gasoline price increased for the sixth
week in a row to $2.487 per gallon on March 9, 2015, $0.014 per gallon
more than last week but $1.025 under a year ago. The national average
retail diesel fuel price increased for the fifth week in a row to $2.944 per
gallon, $0.008 per gallon over last week but $1.077 under a year ago.
Crude Oil (Excluding SPR) +4.5 to 448.9
Total Motor Gasoline -0.2 to 239.9
Distillate Fuel Oil +2.5 to 125.5
Other Oils -4.4 to 370.2
Crude Oil in SPR no change 691.0
Total US Petroleum Inventory +2.5 to 1,875.5