Slide 3 of 19
Notes:
Like the rest of the OECD countries, US petroleum inventories are low and are not expected to recover to the normal range this winter.
Preliminary data for the end of October indicate it may be the lowest level for crude oil stocks in the United States since weekly data began being collected in 1982, when crude oil inputs to refineries were about 3-4 million barrels per day less than today.
U.S. crude oil stocks stood at about 283 million barrels on November 3, according to EIA’s latest weekly survey. This puts them about 21 million barrels or 7% below the level seen at the same time last year. Current market conditions do suggest some improvement in the near term.
Days supply of commercial crude oil stocks in the United States is estimated to have been 19 days in October, the lowest for that month since at least 1963. Some improvement is seen through the end of the year, reflecting the expected continuing increases in OPEC production and the oil released under the SPR exchange announced in late September.
