Crude stockpiles @ the highest level in records dating back to 2004
Crude stockpiles at Cushing, Oklahoma, the delivery point for futures traded on the New York Mercantile Exchange, rose 491,000 barrels to 47.4 million last week, the API data showed. That’s the highest level in records dating back to 2004.
If you look at 4 week period on petroleum supply, domestic production is up 10%.
If you look at 4 week period on net imports, we are importing 16% less oil than a year ago.
If you look at week to week demand on net imports, we are importing 24% less oil than a year ago.
Finally, U.S. domestic oil production was up 90,000 bpd in one week.
Granted, the trend is not going to continue at this blistering of a pace, but just for fun, I thought I would extend that increase out. If the U.S. continued to increase production at that rate every week, we would be totally off foreign oil in 84 weeks or less than 2 years!!
What is funny to me is how no one is talking about these amazing numbers for U.S. oil supply and demand. What I have gotten from talking to people is China is going to lap up all the oil from our falling demand, and it is not even close.
While the U.S. is importing 2.4 million bpd less net, China is importing 0.3 mbpd more.
The only part of the world where oil consumption is really zooming higher is the Middle East where oil products are subsidized, and consumers don't feel the punch of higher prices.