EIA: Crude Stocks DN, Gasoline Demand Gains to 8Wks High
6/03 10:38 AM
EIA: Crude Stocks DN, Gasoline Demand Gains to 8Wks High OAKHURST, N.J. (DTN) --- Energy Information Administration data released this morning detailed a surprise 0.4% decline in commercial crude oil supplies during the final week of May while gasoline inventory gained 1.1% and distillate inventory surged over 6%. EIA reported commercial crude oil inventories dropped 2.1 million bbl to 532.3 million bbl, about 12% 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 posted a fourth straight weekly draw, falling 1.739 million bbl to 51.723 million bbl, an eight-week low. In the Strategic Petroleum Reserve, EIA reported a sixth consecutive weekly increase as stocks rose 4.020 million bbl to 647.779 million bbl, suggesting ongoing deliveries in the Department of Energy's recent storage deals. The data show U.S. crude oil refinery inputs averaged 13.3 million bpd during the week ended May 29, 316,000 bpd more than the previous week while down 21.4% from a year earlier. Domestic production fell 200,000 bpd to 11.2 million bpd, the lowest level since the week ended Oct. 19, 2018 at 10.9 million bpd. EIA reported domestic refinery production continued higher, rising from 71.3% to 71.8%, an eight-week high but running 20% below this time last year. U.S. crude oil imports averaged 6.2 million bpd during the week profiled, down 1 million bpd versus the previous week. Over the last four weeks crude oil imports averaged about 6.0 million bpd, 18.3% less than the same four weeks in 2019. The data showed crude oil exports for the week reviewed at 2.794 million bpd, down 382,000 bpd from the week earlier while 504,000 bpd lower than the same week in 2019. During the four weeks ended May 22, exports averaged 3.184 million bpd versus 3.221 million bpd in the same four weeks last year. EIA reported total motor gasoline inventories increased 2.8 million bbl to 257.8 million bbl, a five-week high while 10.1% above the same week in 2019 and about 10% above the five-year average. Gasoline production held higher, jumping 608,000 bpd or 8.5% to 7.779 million bpd in the week profiled, 22.6% below the same time in 2019. Total motor gasoline imports, which include both finished gasoline and gasoline blending components, recouped the prior week drop and then some, rising 490,000 bpd to 782,000 bpd. Agency data showed implied gasoline demand climbed again last week, up nearly 300,000 bpd or over 4% to 7.549 million bpd, a 10-week high while 20% lower than the same week in 2019. For the four weeks ended May 29, implied gasoline demand at 7.248 million bpd was 22.5% below the corresponding four-week period last year. Cumulative daily average demand for the week reviewed was at 7.740 million bpd, 15.9% lower than the same timeframe last year. Distillate fuel inventories posted a ninth consecutive weekly build, jumping 9.9 million bbl to 174.3 million bbl, the highest level since the week-ended Sept. 17, 2010 at 174.854 million bbl and about 28% above the five-year average. Distillate fuel production continued lower, down 1.4% to 4.714 million bpd last week, 12.8% below this time a year ago. Distillate fuel imports added 8,000 bpd to 163,000 bpd on the week. Implied demand for distillates continued lower, tumbling 548,000 bpd or 16.8% in the week profiled to 2.718 million bpd, down 20% from the same week in 2019. Four-week average distillate fuel oil demand at 3.367 million bpd was 13.4% less than the same period in 2019 while cumulative daily average demand at 3.655 million bpd was 10% lower than the same period a year earlier. Total commercial petroleum inventories jumped 15.1 million bbl last week, data shows. Total products supplied over the last four-week period averaged 16.1 million bpd, down 19.4% from the same period a year earlier. (c) Copyright 2020 DTN, LLC. All rights reserved.
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