The U.S Energy Information Administration has released its Weekly Petroleum Status Report on Wednesday, where it shows some good news about the U.S oil market and consumption.
in the graph bellow we sum-up most important U.S crude oil market data based on the EIA report and our calculations.
The Weekly U.S. Field Production of Crude Oil has decreased by 200 (Thousand Barrels per Day) from 11400 to 11200. Net imports has also decreased last week by 0.61 mbpd from 4.634 to 4.018 mbpd.
total crude oil input, if we add up production to net imports, marked a decline of 0.8 million barrel per day.
crude oil consumption increased by 5.38 mbpd last week.
the decline in production and net imports, along with the rise in oil demand drove crude oil inventories down by nearly 4.1 million barrels.
however, today’s EIA good oil supply and demand data don’t seem to have enough power to push oil prices much higher, the reason behind that is the continuous correction in four week averages which shows a downward shift in oil consumption from its peak , and on the other side an upward shift in inventories from their bottom.