Here are some key charts based on data from the United States’ Energy Information Agency’s (EIA) latest report that explains the level of inventories, refinery demand, and production.
- Chart 1 shows crude oil production in the United States reached a new record high of 12.2 million barrels per day. But last week it marginally declined to 12.1 million barrels per day.
- Chart 2 shows the level of U.S. distillate inventories. According to the latest report, the inventory declined last week to 127.7 million barrels.
- U.S. oil imports have been declining over the past couple of year. Last week, it declined to 5.99 million barrels per day, largely due to lower refinery demand.
- Chart 4 shows the level of U.S. crude oil exports, which rose to a new record high of 3.61 million barrels per day earlier this year. Last week, it was 2.4 million barrels per day.
- Chart 5 shows U.S. refinery operating at 87.7 percent. Refinery intake has taken a sharp dive from 97 percent in January, but up 1.1 percent from last month.
- Chart 6 shows the level of crude oil inventories, which has declined to around 94 million barrels since its peak in April 2017. Inventories declined last week to 455.1 million barrels.