Slide 4 of 15
Notes:
U.S. crude oil stocks stood at about 289 million barrels on September 8, according to EIA’s latest survey. This puts them about 24 million barrels below the level seen at the same time last year. Current market conditions do not suggest much improvement in the near term.
We probably ended last month (August 2000) with the lowest level for end-of-August crude oil stocks (289 million barrels) in the United States since 1976, when crude oil inputs to refineries were about 2 million barrels per day less than today. However, by EIA data, we have seen (at least slightly) lower crude stocks in recent months, including an end-December 1999 level of 284 million barrels. The American Petroleum Institute (API), which also surveys petroleum supply and demand information, had estimated that as of August 4 crude oil stocks hit a new low, but, with revisions, API now estimates that crude stocks have ranged slightly above the 24-year low reached (by API estimates) in March of 1976.
Days supply of commercial crude oil stocks in the United States is estimated to have been 18.8 days in July, the lowest on record for that month. Little improvement is seen through the end of the year, reflecting the expected continuing tightness in oil markets in the U.S. and elsewhere.
