EIA: US crude inventories up 2.6 million bbl for week ended Oct. 21
Thursday, October 27, 2022
According to the Energy Information Administration, U.S. crude oil inventories increased by 2.6 million bbl week-over-week, excluding the Strategic Petroleum Reserve, for the week ended Oct. 21.
U.S. crude oil inventories are about 2% below the 5-year average for this time of year at 439.9 million bbl.
Total motor gasoline inventories decreased by 1.5 million bbl week-over-week, sitting about 6% below the 5-year average for this time of year. Finished gasoline inventories decreased while blending component inventories increased. Additionally, distillate fuel inventories increased by 200,000 bbl and sit about 20% below the 5-year average for this time of year.
Learn more: Oil & Gas Journal > EIA: US crude inventories up 2.6 million bbl
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.