Josef Schachter - Energy Market Insights – Thu 2 May, 2019

Crude Oil Data Summary – Courtesy of Josef Schachter

Below is a recap of the recent crude oil data. This summary is sent out by Josef Schachter to all of his subscribers when key data is released. I will also have Josef on this weekend’s show so if you have any questions on the energy sector please be sure to comment or email me shortly. We will be chatting in a couple hours.

Click here for more information on Josef’s newsletter – The Schachter Energy Report.

Here’s the data…

Crude oil saw a very big build this week of 9.9Mb and crude oil is being hit as a result. WTI today is down 70 cents to US$63.21/b.

Details:

  • Commercial crude inventories are now 34.6Mb above last year. Now at 470.6Mb.
  • Total stocks (excluding the SPR) were up this week by 12.7Mb and are now 69.6Mb above last year.
  • Part of the rise this week was due to net imports rising by 335Kb/d or 2.3Mb on the week.
  • US production rose by 100Kb/d to a new record high of 12.3Mb/d.
  • Product supplied fell by 296Kb/d to 20.15Mb/d as the shoulder season lower demand continues. Year to date demand is up only 0.3% to 20.6Mb/d and we are down from over 22Mb/d consumed during the peak winter demand season.
  • Gasoline demand fell on the week by 181Kb/d to 9.2Mb/d and is down year to date by 0.1% to 9.13Mb/d versus the year before.

We continue to expect WTI to fall below US$60/b this month and to below US$50/b in June.

Remain patient. Another great buying window for energy stocks should arise sometime in late June.

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