(+) US Oil Update: Significant Build in US Crude Stocks

Benchmark crude prices has gained momentum this week with increasing uncertainty when and where the Israeli response to Iran will take place. Israel continues to battle on multiple fronts as other western countries seeks to calm the situation to prevent further escalation. The US election is only a couple weeks away with traders looking for answers on how the outcome will impact oil prices and the geopolitical uncertainties. Market fundamentals are still on the weaker side as for supply and demand balance, with OPECs release of voluntary cuts starting in December. The release of the 2.2 million bpd cut would bring an additional 180 kbpd monthly over a 12-month period.

Month Last Crude Oil Dec 2024 72.02 Crude Oil Jan 2025 71.57 Crude Oil Feb 2025 71.16 Crude Oil Mar 2025 70.83 Crude Oil Apr 2025 70.57 Crude Oil May 2025 70.33 Crude Oil Jun 2025 70.11 Crude Oil Jul 2025 69.87 Crude Oil Aug 2025 69.48 Crude Oil Sep 2025 69.39 Crude Oil Oct 2025 69.02 Crude Oil Nov 2025 68.63 Crude Oil Dec 2025 68.79

Figure 1: WTI has gained Momentum This Week.

[caption id="attachment_135086" align="aligncenter" width="1024"] Chart: Investornytt, GE Briefings[/caption] US Crude inventories and production

US commercial crude oil inventories had a significant build of 5.474-million-barrel in the week ending October 18, while market forecasters expecting an increase of 700 thousand barrel. U.S. crude oil inventories are about 4 percent below the five-year average for this time of year and 4.9 million barrels higher than a year ago. U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending October 18, 2024, which was a 329 Kbpd more than the previous week`s average. Refineries operated at 89.5 percent of their operable capacity last week.

Figure 2: US Crude Stocks including SPR at 810.6 million Barrels

[caption id="attachment_135088" align="aligncenter" width="1024"] Source: U.S Energy Information Administration[/caption] Figure 3: US Crude Stocks Excluding SPR at 426 million Barrels

[caption id="attachment_135092" align="aligncenter" width="1024"] Source: U.S Energy Information Administration[/caption] US Rig Activity

A small decline in the total number of active rigs operating in the US according to Baker Hughes rig count. Down from a total of 586 active rigs, to 585 active rigs. Oil focused rigs had an increase last week, up from 481 to 482. Gas focused rigs decreased by two from 101 to 99 active rigs. Miscellaneous rigs remained flat at four active rigs.

Figure 4: Active Oil Focused Rigs Increased From 481 to 482

[caption id="attachment_135093" align="aligncenter" width="1024"] Source: Baker Hughes[/caption] Figure 5: Gas Focused Rigs Decreased From 101 to 99 Active Rigs

[caption id="attachment_135085" align="aligncenter" width="1024"] Source: Baker Hughes[/caption] Figure 5: Total Active Rigs in the U.S. Decreased from 586 to 585

[caption id="attachment_135094" align="aligncenter" width="1024"] Source: Baker Hughes[/caption] Figure 6: Rig Count in Major Basins

[caption id="attachment_135095" align="aligncenter" width="1024"] Source: Baker Hughes[/caption] Baker Hughes has issued the rotary rig counts as a service to the petroleum industry since 1944, when Baker Hughes Tool Company began weekly counts of U.S. and Canadian drilling activity. Baker Hughes initiated the monthly international rig count in 1975. The North American rig count is released weekly at noon Central Time on the last day of the work week.

By the Numbers October 23, 2024

New Data Previous Week Change +/- US Production 13.5 million bpd 13.5 million bpd Flat Crude Stocks Excluding SPR 426 million barrels 420.6 million barrels +5.4 million barrels Crude Stocks Including SPR 810.6 million barrels 803.9 million barrels +6.7 million barrels Refinery Inputs 16.084 million bpd 15.75 million bpd +334 Kbpd Active Rigs in the US 585 Active Rigs 586 Active Rigs +1 Disclaimer This report is under no circumstances intended to be used for or considered as investment advice. This report is to be used as information and general market guidance. The author, GE Briefings and Investornytt cannot guarantee that the information from sources is without incentives, but the author has taken considerable care to ensure that, and to the best of his knowledge, material information contained in the report is in accordance with the facts and contains no omission likely to affect its understanding. Please note that this report is the author’s own research, opinions and conclusions, and the readers are recommended to draw their own conclusions based on other sources than this report, the facts and market picture can change in an instant and therefor the reader must do their own due diligence. The author, GE Briefings and Investornytt cannot be held responsible for the readers investments based on this report.

Month	Last
Crude Oil Dec 2024	72.02
Crude Oil Jan 2025	71.57
Crude Oil Feb 2025	71.16
Crude Oil Mar 2025	70.83
Crude Oil Apr 2025	70.57
Crude Oil May 2025	70.33
Crude Oil Jun 2025	70.11
Crude Oil Jul 2025	69.87
Crude Oil Aug 2025	69.48
Crude Oil Sep 2025	69.39
Crude Oil Oct 2025	69.02
Crude Oil Nov 2025	68.63
Crude Oil Dec 2025	68.79

(+) US Oil Update: Significant Build in US Crude Stocks

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(+) US Oil Update: Significant Build in US Crude Stocks

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Relatert Innlegg

Oppgang i oljeprisen gir fart til oljeselskapene

Laveste oljeaktivitet på fire år

Investeringene stuper

Helseforetak sier opp avtale med bemanningsbyrå etter tre uker

Velkommen tilbake!

Opprette ny konto!

Hent passordet ditt

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