EIA: Crude, Distillate Stocks DN, Gasoline at Record High
1/23 10:38 AM
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 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, 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 2019. 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 year. 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 in 2018. 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. (c) 2020 DTN. All rights reserved.
 
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