US Weekly Oil Data
US Inventories, Exports, Imports, and Refinery Utilization (12 Charts).
Hurricane Milton Impact on the Energy Sector:
More than 1 million without power as Hurricane Milton slams Florida
Florida gas stations run empty amid panic ahead of Hurricane Milton
Hurricane Milton disrupts Florida fuel supply, yet oil prices remain low
Kinder Morgan Shuts Down Terminals in Tampa Over Hurricane Warning
Kinder Morgan shuts Tampa, Florida refined products terminals, pipelines ahead of Hurricane Milton
Chevron shutters Gulf of Mexico oil platform as Hurricane Milton approaches
Chevron Shuts Down Tampa Terminal As Hurricane Milton Approaches
Florida fire marshal calls electric vehicles "ticking time bombs" as Hurricane Milton nears
Can Your Electric Vehicle Catch Fire During a Hurricane?
Electric vehicles could ignite during Hurricane Milton: Here’s what to know to avoid a fire
Warning: EIA weekly data is always suspect, and its accuracy declines during periods of hurricane landfalls.
MAIN TAKEAWAYS
Although the data during and after hurricanes are suspect, the rise in crude inventories and the decline in gasoline and distillate inventories match historical trends, not only directionally but also in magnitude to some extent.
Based on these trends, it’s hard to see a bullish case for oil in the coming months. While the rumors of an Israeli attack on Iranian oil facilities is still hanging in the air, any impact will be short lived, especially because most of Iran’s crude exports go to China. China can replace the any lost crude flow in the short run by withdrawing from inventories.
Also, we warned a few weeks ago from interpreting the decline in Cushing inventories to the bottom of the 5-year range as a bullish signal. We mentioned that Cushing lost its significance and inventories will rise again. Now we see this increase as shown in Figure (11).