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Thursday, November 15, 2018

Record US commercial crude oil stocks as domestic production sinks to 1940s levels

US commercial crude oil stocks recently (22 June) passed 350 m barrels, the highest level since May 1998. US crude oil imports up to 22 June were, however, only marginally (+0.4%) above the same period last year.


At the same time US gasoline imports have averaged 1.06 mbd this year so far, which is some 7.5% below the import levels for the same period in 2006. Gasoline stocks are low but the figures are not directly comparable to previous years as the ethanol element is not included.


Total US product imports for the period have totalled 3.5 mbd,  which is the same level as last year.

US crude oil production has, however, still not quite recovered since the hurricanes (Katrina and Rita) in the autumn of 2005. The graph shows that it is following a declining trend since 1986 and is now about the level it was in the 1940s.


Contact: Erik Ranheim