| Crude Oil Refinery Inputs Go Up for Week Ending April 3 | |
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EIA Reports Bearish Crude Inventory Data Last Week – What Does It Mean? (Part 2 of 5) (Continued from Part 1) Refinery input trends
US crude oil refinery inputs averaged 15.9 million barrels per day (or MMbbl/d) during the week ended April 3, increasing by 201,000 barrels per day (or bpd) compared to the prior week’s average.
Refinery inputs rose as refineries prepare for the peak summer driving season, which lasts from April through September.
Demand for crude inputs is high during peak driving season when gasoline demand rises. This is bullish for crude prices, which in turn is bullish for major oil producers such as Occidental Petroleum (OXY), Apache Corp (APA), Pioneer Resources (PXD), and ConocoPhillips (COP). All These companies are components of the Energy Select Sector SPDR ETF (XLE) and make up 12.4% of the ETF.
Operating capacity
Last week, the increase in crude inputs increased refinery operating levels by 0.7% to touch 90.1% of operable capacity. Analysts’ expectations called for a 0.4% increase.
The fact that a robust refinery demand is not sufficient to absorb the millions of barrels of oil that are being produced should give you an idea of the large margin by which supply currently outstrips demand in the United States.
Refinery demand
Refineries are the main source of crude demand. Refinery input levels affect inventory draws and builds. So refining throughputs affect inventory levels, not only for crude oil but also for refined products such as gasoline and distillates. We’ll discuss inventory levels for these products in the next parts of this series.
Continue to Part 3 Browse this series on Market Realist:
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Occidental Petroleum est une société de production minière de pétrole basée aux Etats-Unis D'Amerique. Occidental Petroleum est cotée aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 51,8 milliards US$ (48,4 milliards €). La valeur de son action a atteint son plus haut niveau récent le 16 mars 2012 à 99,99 US$, et son plus bas niveau récent le 16 octobre 2020 à 10,00 US$. Occidental Petroleum possède 764 580 032 actions en circulation. |