EIA: Crude, Distillate Stocks DN, Gasoline at Record High
OAKHURST, N.J. (DTN) --- Energy Information Administration data for the
week-ended Jan. 17 detailed another decline in domestic commercial crude
supplies while inventories of gasoline climbed to a record high and distillate
stocks fell for the first time in four weeks.
EIA reported commercial crude oil inventories declined 404,992 bbl to 428.1
million bbl, nearly 4% below this time in 2019 while about 2% below the
At the key Cushing supply depot in Oklahoma, the delivery location for the
New York Mercantile Exchange West Texas Intermediate futures contract, dropped
961,000 to 34.882 million bbl, the lowest level since the week ended Nov. 2,
2018 at 34.296 million bbl.
Data showed supply of crude oil in the Strategic Petroleum Reserve unchanged
for a sixth straight week at 634.967 million bbl, the lowest level since the
week ended Dec. 5, 2003.
U.S. crude oil refinery inputs averaged 16.9 million bpd during the week
ended Jan. 17, 116,000 bpd below the previous week while 1.1% lower than a year
earlier. Agency data showed domestic production steady at a record at 13
million bpd, 9.2% above the same time in 2019.
EIA reported domestic refineries ran at 90.5% of their operable capacity,
down from 92.2% the week prior.
U.S. crude oil imports averaged 6.4 million bpd during the week-ended Jan.
17, down 120,000 bpd from the previous week. Over the last four weeks crude oil
imports averaged about 6.5 million bpd, 15.8% less than the same four weeks in
The data showed crude oil exports for the week profiled at 3.414 million
bpd, down from 3.481 million bpd the week earlier while 1.379 million bpd lower
than the same week in 2019. During the four weeks ended Jan. 17, exports
averaged 3.605 million bpd versus 2.326 million bpd in the same four weeks last
EIA reported total motor gasoline inventories built for an 11th consecutive
week, up 1.7 million bbl to 260.032 million bbl, a record high while 0.2% more
than the same week in 2019 and about 4% more than the five-year average for
this time of year. Finished gasoline and blending components inventories both
increased last week.
Gasoline production continued higher, up 254,000 bpd on the week to 9.535
million bpd, down 0.7% from the same week a year ago. Total motor gasoline
imports, which include both finished gasoline and gasoline blending components,
also held higher, up 120,000 bpd last week to 563,000 bpd.
Data showed implied gasoline extended higher, up 104,000 bpd to 8.662
million bpd in the week profiled, 2.3% lower than the corresponding week in
2019. For the four weeks ended Jan. 17, implied gasoline demand at 8.579
million bpd was 1.4% less than the corresponding four-week period last year.
Cumulative daily average demand for the week reviewed was at 8.551 million bpd,
1.9% lower than the same timeframe last year.
Distillate fuel inventories decreased for the first time in four weeks, down
1.2 million bbl to 146 million bbl, 2.5% higher than the corresponding week in
2019. Supplies are about 2% below the five-year average.
Distillate fuel production was again lower, down 251,000 bpd to 4.954
million bpd last week, 4.8% lower than a year ago. Distillate fuel imports rose
118,000 bpd to 320,000 bpd on the week, a drop of about 10% from the same week
Implied demand for distillates jumped 1.204 million bpd to 4.389 million bpd
as of Jan. 17, 6% lower than the same week in 2019. Four-week average
distillate fuel oil demand at 3.501 million bpd was 8.3% less than the same
period in 2019 while cumulative daily average demand at 3.735 million bpd was
12.6% lower than the same period a year earlier.
Total commercial petroleum inventories declined 1.9 million bbl last week,
data shows. Total products supplied over the last four-week period averaged 20
million bpd, down 1.6% from the same period a year earlier.
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