2021-05-05 16:35:44 GMT2021-05-06 00:35:44(Beijing Time) Xinhua English
HOUSTON, May 5 (Xinhua) U.S. crude oil inventories decreased during the week ending April 30, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 8.0 million barrels from the previous week.
At 485.1 million barrels, U.S. crude oil inventories were about 2 percent below the five-year average for this time of year.
According to the EIA, total motor gasoline inventories increased 0.7 million barrels last week and were about 2 percent below the five-year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.
ConocoPhillips Bounces Back Along with Oil Demand, February Spike in Natural Gas Prices
ConocoPhillips’ 1Q2021 profit marked its first amid the coronavirus pandemic and reflected both a recovery in global oil demand and a winter surge in domestic natural gas prices.
The Houston-based energy giant in the first quarter also closed its $9.7 billion acquisition of Concho Resources Inc., forming a Permian Basin powerhouse that will rival the output of the biggest players in the Lower 48’s most productive oilfield.
“The first quarter was a momentous one for ConocoPhillips,” said CEO Ryan Lance.
The world’s largest independent said the average price of its crude and natural gas liquids during the first quarter was $45.36/bbl, 17% higher than the $38.81 boe realized in the year earlier quarter. This reflected stronger oil prices and Winter Storm Uri’s impacts on gas realizations.
Here is a review of oil and gas market hits and misses for the week ending April 30, 2021.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
Several supply-related factors are supporting crude oil prices, according to one of Rigzone’s regular market-watchers. Read on for a sampling of the bullish signals, along with additional insights about other timely developments, in this review of recent oil and gas market hits and misses.
Rigzone: What were some market expectations that actually occurred during the past week – and which expectations did not?
Increased air travel is beginning to increase U.S. jet fuel consumption
In recent weeks, the number of air travel passengers has increased in the United States, which may indicate a corresponding near-term increase in jet fuel demand. Jet fuel demand has been at historic lows since April 2020. According to EIA’s Weekly Petroleum Status Report (WPSR), the four-week average consumption of jet fuel from April 9, 2021, through the most recent data (as of April 23, 2021) was more than 1.2 million barrels per day (b/d). This level of consumption was nearly 200,000 b/d higher than the four-week average that ended on March 26, 2021. To calculate jet fuel consumption, we use product supplied as a proxy for consumption.
Increased air travel is beginning to increase U.S. jet fuel consumption
4/29/2021
In recent weeks, the number of air travel passengers has increased in the United States, which may indicate a corresponding near-term increase in jet fuel demand. Jet fuel demand has been at historic lows since April 2020. According to EIA’s
Weekly Petroleum Status Report (WPSR), the four-week average consumption of jet fuel from April 9, 2021, through the most recent data (as of April 23, 2021) was more than 1.2 million barrels per day (b/d). This level of consumption was nearly 200,000 b/d higher than the four-week average that ended on March 26, 2021. To calculate jet fuel consumption, we use product supplied as a proxy for consumption.