The U.S. Energy Information Administration (EIA) said it would report two weeks’ worth of petroleum supply/demand data on Wednesday following a burst in power that damaged the agency’s hardware and forced the postponement of several reports.
EIA said early Tuesday that it would publish its Weekly Petroleum Status Report (WSPR) at its regularly scheduled time this week – 10:30 ET on Wednesday. That release will include data for the week ended June 17, which had originally been scheduled for release on June 22, and the data for the week ended June 24.
Early last week, “we experienced a voltage issue — basically a power spike — that significantly affected hardware within a specific rack in our data center,” EIA spokesman Chris Higginbotham told NGI. Repair work, which was ongoing Tuesday, involved replacing hardware and transferring data.
EIA had postponed several other regular reports, though it was able to publish last week its natural gas storage assessment for the period ended June 17. Its gas inventory print for the week ended June 24, as of Tuesday, was on schedule to be released Thursday at 10:30 ET as originally planned.
In its latest published WSPR, EIA said U.S. oil production climbed to 12.0 million b/d for the week ended June 10, up 100,000 b/d week/week. It marked the first increase in five weeks after modest bumps earlier this year.
U.S. output, however, remained more than 1.0 million b/d below the pre-pandemic peak reached in early 2020. Producers are trying to walk a fine line between meeting the global need for more oil and investor demands for elevated stock buybacks and dividend hikes as well as politicians’ calls for more investments in renewable energy.
Total petroleum demand has seesawed this year because of price spikes on a week/week basis, but it is up overall this year.
Demand fell 2.6% in the June 10 period, according to EIA.
But over the four-week period ended June 10, consumption averaged 19.8 million b/d, up 2.3% from the same period last year.
U.S. commercial crude inventories, excluding those in the Strategic Petroleum Reserve, stood at 418.7 million bbl at June 10, about 14% below the five-year average.
Separately, OPEC-Plus is scheduled to meet Thursday to agree on production targets.
When the cartel met last month, it agreed to increase production in July and August by 648,000 b/d, advancing a previously planned increase for September. It marked a notable increase from the roughly 430,000 b/d jump it targeted for June.