Date: February 4th, 2015 5:38 PM Author: Disgusting set boiling water
U.S. crude-oil supplies rose by 6.3 million barrels in the week ended Jan. 30 to 413.1 million barrels, the U.S. Energy Information Administration said Wednesday. Analysts surveyed by The Wall Street Journal had expected a gain of 3.7 million barrels. Stockpiles are at the highest level ever in EIA weekly data going back to August 1982. In monthly data, which don’t line up exactly with the weekly data, inventories haven’t been this high since 1930.
Date: February 4th, 2015 5:42 PM Author: bat shit crazy vigorous forum karate
so that's why oil fell 8.5% today? the oil market is volatile as fuck right now. every piece of news seems to send it off on a new tangent for a few hours.
Oil Stocks in US Strategic Petroleum Reserve Fall by 5.1 Million Barrels to Lowest Level Since 1983
(Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 5.1 million barrels to 311.4 million barrels last week, the lowest level since March 1983, according to data from the Department of Energy.
The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 104.04 million barrels as of July 17.
U.S. Strategic Petroleum Reserve Drops Another 5.1 Million Barrels to 43-Year Low, Energy Safety Buffer Shrinks Rapidly
The U.S. Department of Energy reported that the Strategic Petroleum Reserve (SPR) fell by 5.1 million barrels in the week ending July 17, bringing total reserves down to 311.4 million barrels, the lowest level in 43 years since March 1983. Since the outbreak of the U.S.-Iran conflict in late February, the SPR has released a cumulative 104.04 million barrels, with approximately 60% of the planned drawdown now executed. Against a backdrop of disrupted shipping in the Strait of Hormuz and Houthi threats to blockade Saudi maritime transport, total U.S. petroleum inventories have simultaneously fallen to their lowest since 1984, rapidly narrowing the energy security buffer. Market analysis indicates the real risk is shifting from crude oil to refined product shortages, with global refinery processing volumes plunging and U.S. refinery crack spreads hitting record highs. Production capacity is unlikely to recover in the short term, placing contractionary pressure on the global economy.
I don't think we use as much oil as we used to, today everything's done on the computer, then you have electric cars, really just a minor aspect still.. I hear that airplane travel is at an all-time high this summer.. but I don't think people travel by car that much anymore, not for vacations and stuff