Gulf Coast crude stocks drew 9.2 M bbl.

Down 9.2 million barrels this week, where a normal week at this time of year is down 0.5. Among the lowest for this time of year.

Crude oil in tanks in PADD 3, the Gulf Coast region, from the EIA Weekly Petroleum Status Report, published Wednesdays. Compared with the same week in each of the past five years. This week sits at the 0th percentile of its five-year range for the same week. Indicator: Gulf crude stocks, PADD 3.

The delivery point for US benchmark crude. About normal for this time of year.

Crude oil at the Cushing, Oklahoma hub, the delivery point for US benchmark crude, from the EIA Weekly Petroleum Status Report. Compared with the same week in each of the past five years. This week sits at the 80th percentile of its five-year range for the same week. Indicator: Cushing, OK.

Government oil held for emergencies.

Crude oil held in the Strategic Petroleum Reserve, from the EIA Weekly Petroleum Status Report. Indicator: SPR, US.

Barrels pumped every day.

The EIA’s weekly estimate of US crude oil production, in million barrels per day. Indicator: Production, US.

96.3% of capacity in use. Among the highest for this time of year. The US overall is at 93.5%.

Crude run through PADD 3 refineries as a share of their operating capacity, from the EIA Weekly Petroleum Status Report. Compared with the same week in each of the past five years. This week sits at the 100th percentile of its five-year range for the same week. Indicator: Gulf refinery utilization, PADD 3.

Rough supply minus use, before adjustments. Production + imports − exports − refinery inputs; excludes EIA adjustment and SPR transfers.

Supply minus use from the EIA weekly balance, before the EIA adjustment and SPR transfers. Positive means more oil was added than used. Indicator: Implied balance, US.

About normal for this time of year. The four-week average is 4.05.

US crude oil exports from the EIA Weekly Petroleum Status Report. The four-week average smooths out one-off shipments. This week sits at the 80th percentile of its five-year range for the same week. Indicator: Crude exports, US.

No tropical watches or warnings on the Texas coast

Storm watches and warnings come from the National Weather Service and the National Hurricane Center. A port counts as open unless it has announced a closure.

Dated Brent, physical North Sea crude for delivery within weeks, minus Brent futures, which are for later delivery. Prices from ICE and FRED. Compared with the same week in past years. Indicator: Dated Brent premium, ICE.

Next month’s oil costs 1.19 more than the month after, a shape called backwardation.

The front-month NYMEX crude futures price minus the second-month price. Positive means oil for delivery soon costs more than oil for later, called backwardation; the opposite is contango. Compared with the same week in past years. Indicator: CL M1 − M2, NYMEX.