Oil Inventory Data Prompt Reminiscing

Oil Inventory Data Prompt Reminiscing
Rigzone panelists offer their insights on the top oil market hits and misses for the week ending July 31, 2020.

Krishnan: For what it’s worth, the draw announced by the EIA for the week ended July 24 is the result of crude refinery inputs rising by almost 390,000 bpd more – or a net 2.7 million barrels on the week. Exports rose by about 200,000 barrels daily, or a net 1.4 million for the week. Imports shrunk by 800,000 barrels daily, or a net 5.6 million on the week. And you had a further drop of 1.7 million barrels out of the PADD 5 producing district that covers the West Coast.

Add all that up and you have just over 11 million, so that’s not too far from what the EIA reported – though the math itself doesn’t undo the mind-boggling impact it’s having on traders, who are just overwhelmed by the sheer volatility in the data week after week.

Add the whole enigma of the new COVID-19 wave and most people just can’t decide which way to place their chips.

To contact the author, email mveazey@rigzone.com.


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