Weekly Oil Data

Inventories, Exports, Imports, and Refinery Utilization

MAIN TAKEAWAYS 

• Oil prices declined today by more than 3% due to several factors, including rising oil inventories, OPEC+ decision to maintain its existing production ceiling, and the increase in Russian oil production and exports. The sharp rise in EU imports of Russian petroleum products prior to the imposition of western sanctions on Feb 5, will lead to an increase in oil product inventories, which will neutralize the impact of sanctions in the short run. 

• The EIA reported today a build in crude, gasoline, and distillate inventories. Crude inventory levels have increased, climbing over 450 million barrels, which is an unwelcome level to ultra-oil bulls. Despite these increases, gasoline inventories remain low, while distillate inventories are still critically low. As we have been noting in our reports, diesel inventories will remain a concern throughout the winter season.

• US Crude oil imports are expected to increase in 2023 while crude exports are expected to decrease.

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