EIA: Crude, Refined Product Stocks Higher across the Board
OAKHURST, N.J. (DTN) --- Energy Information Administration data detailed a
build in commercial crude oil stockpiles during the first week of December
while showing another weekly increase in gasoline and distillates inventories.
EIA reported commercial crude oil inventories gained 821,984 bbl to 447.9
million bbl last week, 1.3% more than the same time in 2018 and about 4% 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, stocks
dropped a fifth straight week, sliding 3.393 million bbl to 40.429 million bbl.
Data showed supply of crude oil in the Strategic Petroleum Reserve were
drawn down a ninth consecutive week, down about 200,000 bbl to 634.968 million
bbl, the lowest level since the week ended Dec. 12, 2003.
U.S. crude oil refinery inputs averaged 16.6 million bpd during the week
ended Dec. 6, 201,000 bpd less than the previous week while about 5% lower than
a year earlier. Agency data showed domestic production declined from a record
12.9 million bpd to 12.8 million bpd, 10.3% above the same time in 2018.
EIA reported domestic refineries ran at 90.6% of their operable capacity,
down from 91.9% the week prior.
U.S. crude oil imports averaged 6.9 million bpd during the week-ended Dec.
6, up 899,000 bpd from the previous week. Over the last four weeks crude oil
imports averaged about 6.3 million bpd, 17.4% less than the same four weeks in
The data showed crude oil exports for the week profiled at 3.400 million
bpd, up from 3.135 million bpd the week earlier while 1.126 million bpd higher
than the same week in 2018. During the four weeks ended Dec. 6, exports
averaged 3.261 million bpd versus 2.472 million bpd in the same four weeks last
EIA reported total motor gasoline inventories posted a fourth straight
weekly build, up 5.4 million bbl to 234.8 million bbl, 2.8% higher than this
time last year and about 5% above the five-year average. Finished gasoline and
blending components inventories both increased last week.
Gasoline production fell 188,000 bpd on the week to 9.753 million bpd, about
7% lower than the same week a year ago. Total motor gasoline imports, which
include both finished gasoline and gasoline blending components, rose 180,000
bpd last week to 579,000 bpd.
Data showed implied gasoline demand continued lower, down 150,000 bpd to
8.882 million bpd in the week profiled, 1.7% below the corresponding week in
2018. For the four weeks ended Dec. 6, implied gasoline demand at 9.078 million
bpd was 0.1% above the corresponding four-week period last year. Cumulative
daily average demand for the week reviewed was at 9.354 million bpd, 0.2% more
than the same timeframe last year.
Distillate fuel inventories posted a third straight weekly build, rising 4.1
million bbl to 123.6 million bbl, a nine week high though about 0.4% lower than
the corresponding week in 2018 and about 9% below the five-year average.
Distillate fuel production declined 35,000 bpd to 5.228 million bpd last
week, 5.7% lower than a year ago. Distillate fuel imports added 19,000 bpd to
162,000 bpd on the week, up 12.5% from the same week in 2018.
Implied demand for distillates rose 175,000 bpd to 3.731 million bpd as of
Dec. 6, 16.5% less than the same week in 2018. Four-week average distillate
fuel oil demand at 4.001 million bpd was 2.1% less than the same period in 2018
while cumulative daily average demand at 4.032 million bpd was 1.1% below the
same period a year earlier.
Total commercial petroleum inventories jumped 17.2 million bbl last week,
data shows. Total products supplied over the last four-week period averaged
20.4 million bpd, down 2.4% from the same period a year earlier.
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