{"id":1750956,"date":"2022-11-25T06:08:04","date_gmt":"2022-11-25T11:08:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1750956"},"modified":"2022-11-25T07:33:21","modified_gmt":"2022-11-25T12:33:21","slug":"u-s-crude-oil-inventories-down-spr-still-at-historic-lows-but-other-petroleum-inventories-up-eia","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-crude-oil-inventories-down-spr-still-at-historic-lows-but-other-petroleum-inventories-up-eia\/","title":{"rendered":"U.S. Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-crude-oil-inventories-down-spr-still-at-historic-lows-but-other-petroleum-inventories-up-eia%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1750956&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Government calculates lower crude oil inventory decline than American Petroleum Institute<\/p>\n<div>\n<p>With Thanksgiving approaching, the Nov. 23 weekly <a href=\"https:\/\/www.eia.gov\/petroleum\/supply\/weekly\/\">report<\/a> from the Energy Information Administration (<a href=\"https:\/\/www.theepochtimes.com\/t-eia\">EIA<\/a>) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels\u2013yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories.<\/p>\n<p>The EIA\u2019s latest numbers covered the week ending Nov. 18. Notably, the EIA\u2019s commercial crude oil data did not include the latest releases from the <a href=\"https:\/\/www.theepochtimes.com\/t-strategic-petroleum-reserve\">Strategic Petroleum Reserve<\/a> (SPR).<\/p>\n<p>In the wake of numerous SPR releases under President Joe Biden, that emergency stockpile has fallen to less than 391 million barrels of U.S. crude oil, <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=PET&#038;s=WCSSTUS1&#038;f=W\">as of Nov. 18<\/a>. The SPR hasn\u2019t been so diminished since 1984.<\/p>\n<figure id=\"attachment_4552961\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4552961\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/1.tagreuters.com2022binary_LYNXMPEI5L0V9-FILEDIMAGE-600x437-1.jpg\" alt=\"U.S. President Biden announces administration actions to lower gasoline prices at the White House in Washington\" width=\"600\" height=\"437\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4552961\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/1.tagreuters.com2022binary_LYNXMPEI5L0V9-FILEDIMAGE-600x437-1.jpg\" alt=\"U.S. President Biden announces administration actions to lower gasoline prices at the White House in Washington\" width=\"600\" height=\"437\" \/><\/noscript> U.S. President Joe Biden announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive Office Building\u2019s South Court Auditorium at the White House in Washington, on March 31, 2022. (Kevin Lamarque\/Reuters)<\/figcaption><\/figure>\n<p>Congress <a href=\"https:\/\/uscode.house.gov\/view.xhtml?path=\/prelim@title42\/chapter77\/subchapter1\/partB&#038;edition=prelim\">has described<\/a> the SPR as \u201cone of the Nation\u2019s most valuable energy security assets.\u201d<\/p>\n<p>In October, Congressional Republicans initiated an investigation of the massive and continuing SPR drawdowns under Biden\u2014the latest of which was announced just weeks before the midterm elections.<\/p>\n<p>\u201cDipping further into the SPR to cover additional foreign fuel bans or price fluctuations is a short-sighted fix that would inadvertently exacerbate U.S. vulnerability,\u201d the lawmakers <a href=\"https:\/\/republicans-oversight.house.gov\/wp-content\/uploads\/2022\/10\/Oil-and-Gas-Embargo-Letter-to-Sec.-Granholm-19.pdf\">wrote<\/a>.<\/p>\n<p>The EIA\u2019s latest report shows that commercial distillate fuel oil stocks have increased. Those inventories include diesel fuels, which are still in short supply nationally and globally as winter looms.<\/p>\n<p>\u201cDiesel prices are falling gently across the country, to a modest degree, a trend that will likely continue into Thanksgiving and potentially beyond it as well. Cold weather could turn around the recovery, however, so keep an eye on temperatures,\u201d said GasBuddy\u2019s Patrick De Haan in an interview with <a href=\"https:\/\/www.newsweek.com\/diesel-shortage-update-ahead-thanksgiving-supply-ships-1761433\">Newsweek<\/a>.<\/p>\n<figure id=\"attachment_4645399\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4645399\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/1.tagreuters.com2022binary_LYNXMPEI7402C-FILEDIMAGE-600x400-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"400\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4645399\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/1.tagreuters.com2022binary_LYNXMPEI7402C-FILEDIMAGE-600x400-1.jpg\" alt=\"Epoch Times Photo\" width=\"600\" height=\"400\" \/><\/noscript> Storage tanks at Marathon Petroleum\u2019s Los Angeles Refinery, which processes domestic and imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, Calif., on March 11, 2022. (Bing Guan\/Reuters)<\/figcaption><\/figure>\n<p>According to EIA figures, inventories of crude oil, motor gasoline, and distillate fuel are all below their 5-year average for this time of year. By contrast, stocks of propane and propylene are 10 percent above their 5-year average for this time of year.<\/p>\n<p>The price of West Texas Intermediate (WTI) crude fell over the course of Nov. 23, reaching a low of $76.83 a barrel as of the late afternoon, according to <a href=\"https:\/\/www.marketwatch.com\/investing\/future\/cl.1\">MarketWatch<\/a>.<\/p>\n<p>That\u2019s near the low end of oil prices over the past year, which topped out above $130 a barrel in March after Russia\u2019s invasion of Ukraine. Crude oil prices rallied again in June 2022.<\/p>\n<h2>Comparison With Industry Data Reveals Gap<\/h2>\n<p>The EIA\u2019s report comes just a day after the American Petroleum Institute (API) released its own data on the country\u2019s petroleum supply, including crude oil inventories.<\/p>\n<p><a href=\"https:\/\/www.theepochtimes.com\/t-oil\">Oil<\/a> companies are legally mandated to report to the EIA. The API\u2019s data, by contrast, are supplied voluntarily, though their market coverage is broadly similar to the EIA\u2019s.<\/p>\n<p>The API found that crude oil inventories declined by 4.8 million barrels in the week ending Nov. 18, as reported by <a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/API-Reports-Another-Larger-Than-Expected-Crude-Draw.html\">OilPrice.com<\/a> and other sources.<\/p>\n<p>\u201cThe EIA and API can sometimes be a bit off,\u201d said Shubham Garg, the president and CEO of White Tundra Investments, Ltd., a company focused on Canadian oil and gas, in a Nov. 23 message to The Epoch Times.<\/p>\n<p>In Garg\u2019s view, the bigger story is the continued fall in the SPR, though at a lower rate than before.<\/p>\n<p>\u201cNow we enter draw season sitting well below where we ever have been on crude with no excess in gasoline or distillate either,\u201d he said.<\/p>\n<p>Dan Kish of the American Energy Alliance agreed that EIA and API data often diverge.<\/p>\n<p>Yet, he added that the current gap is \u201ca pretty significant difference.\u201d<\/p>\n<p>\u201cThere\u2019s a lot of downward pressure on oil prices because China\u2019s been closing down because of COVID\u2013or that\u2019s their excuse,\u201d he told The Epoch Times in a Nov. 23 interview.<\/p>\n<figure id=\"attachment_4685294\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4685294\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/1.tagreuters.com2022binary_LYNXMPEI7N01E-FILEDIMAGE-600x400-1.jpg\" alt=\"1.tagreuters.com2022binary_LYNXMPEI7N01E-FILEDIMAGE\" width=\"600\" height=\"400\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4685294\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/11\/1.tagreuters.com2022binary_LYNXMPEI7N01E-FILEDIMAGE-600x400-1.jpg\" alt=\"1.tagreuters.com2022binary_LYNXMPEI7N01E-FILEDIMAGE\" width=\"600\" height=\"400\" \/><\/noscript> An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal off Waidiao Island in Zhoushan, Zhejiang Province, China, on July 18, 2022. (CNS photo via Reuters)<\/figcaption><\/figure>\n<p>China was busily stockpiling oil during mid-2020 when prices bottomed out amidst a COVID-19 lockdown-driven demand slump.<\/p>\n<p>\u201cEverybody\u2019s worried about China\u2019s consumption,\u201d Kish said.<\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-nathan-worcester\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/WEB_NathanWorcester-1-2.jpeg\" alt=\"Nathan Worcester\" \/><\/a><\/p>\n<p>Follow<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Government calculates lower crude oil inventory decline than American Petroleum InstituteWith Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories<\/p>\n","protected":false},"author":1,"featured_media":1750024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1750956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1750956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1750956"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1750956\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1750024"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1750956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1750956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1750956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}