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
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
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
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.
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