EIA: Crude Runs, Gasoline Production Highest since March
7/08 10:42 AM
EIA: Crude Runs, Gasoline Production Highest since March OAKHURST, N.J. (DTN) --- Energy Information Administration data for the first week of July show a hike in U.S. commercial crude and distillate fuel supplies while gasoline inventories tumbled to a 14-week low. EIA reported commercial crude oil inventories rose 5.7 million bbl to 539.2 million bbl in the week ended July 3, about 18% above the five-year average. At the key Cushing supply depot in Oklahoma, the delivery location for the New York Mercantile Exchange West Texas Intermediate futures contract, inventory moved off a 13-week low with the first gain in four weeks, up 2.206 million bbl to 47.788 million bbl. In the Strategic Petroleum Reserve, EIA data show an 11th consecutive weekly build, up 610,000 bbl to 656.023 million bbl, indicating continued deliveries related to the Energy Department's recent storage deals. The data show U.S. crude oil refinery inputs averaged 14.3 million bpd during the week ended July 3, 315,000 bpd more than the previous week and the highest level since the final week of March though down 18% from a year earlier. Domestic production held at 11.0 million bpd in the week profiled. EIA reported domestic refinery production continued higher, rising from 75.5% to 77.5%, a 14-week high but down 17.2% from this time last year. U.S. crude oil imports averaged 7.4 million bpd during the week profiled, up 1.4 million bpd versus the previous week. Over the last four weeks crude oil imports averaged about 6.6 million bpd, 8.5% less than the same four weeks in 2019. The data show crude oil exports for the week reviewed at 2.387 million bpd, down 705,000 bpd from the week prior while 661,000 bpd lower than the same week in 2019. During the four weeks ended July 3, exports averaged 2.775 million bpd versus 3.308 million bpd in the corresponding four weeks last year. EIA reported total motor gasoline inventories plunged 4.8 million bbl to a 14-week low at 251.7 million bbl, about 8% above the five-year average for this time of year. Gasoline production was again higher, up 140,000 bpd or 1.6% to 9.045 million bpd, the highest level since the week ended March 13. Total motor gasoline imports dropped 28% to 729,000 bpd, down more than 15% from a year earlier. Agency data show implied gasoline rose 205,000 bpd or 2.5% to 8.766 million bpd, about 10% lower than the same time a year ago. During the four weeks ended July 3, implied gasoline demand at 8.451 million bpd was 12.5% below the corresponding four-week period last year. Cumulative daily average demand for the week profiled was at 7.854 million bpd, 15.5% lower than the same timeframe a year earlier. Distillate fuel inventories surged 3.1 million bbl to 177.3 million bbl, 36% more than this time last year and about 27% above the five-year average. Distillate fuel production gained 132,000 bpd on the week to 4.756 million bpd, 11.2% lower than the same week in 2019. Distillate fuel imports declined 63,000 bpd to 72,000 bpd in the week profiled. EIA reported implied distillate demand plunged 759,000 bpd or 20.1% in the week ended July 3 to 3.019 million bpd, 15% lower than this time last year. Four-week average distillate fuel oil demand at 3.454 million bpd was 10.3% lower than the same four-week period in 2019 while cumulative daily average demand at 3.611 million bpd was 10.6% less than a year ago. Total commercial petroleum inventories rose 9.8 million bbl last week, EIA reported. Total products supplied over the last four-week period averaged 17.8 million bpd, down 15.1% from the same four-weeks in 2019. (c) Copyright 2020 DTN, LLC. All rights reserved.
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