Crude stockpiles rise for the sixth week in a row, as production returns to record levels

Crude stockpiles rise for the sixth week in a row, as production returns to record levels

Summary of this week's US Petroleum Status Report for the week ending October 26, 2018:
  • Commercial crude oil inventories rose another 3.2 million barrels last week, the sixth consecutive weekly gain, with the biggest increase seen in the Midwest (PADD 2), up almost 3 million barrels. Cushing stockpiles (included in Midwest figures) also rose another 1.9 million barrels.
  • Overall refinery utilization nudged higher, rising to 89.4%. Utilization in the Midwest region continues to recover, rising from 74.1% to 75.4%.
  • Total US crude production out of the Lower 48 jumped 300,000 bbl/day, bringing total US production back to 11.2 million bbl/day.
  • Crude imports fell 4% to 7.3 million bbl/day while exports increased 14% to 2.5 million bbl/day. Net imports continue to trend lower, reaching a new low of 5.3 million bbl/day (4-week average).
  • Imports of Canadian crude were roughly unchanged at 3.2 million bbl/day, about 400,000 bbl/day below normal levels.
  • Gasoline inventories fell to a 10-month low, falling another 3.2 million barrels last week. Production increased 3.4% to 10.4 million bbl/day while consumption dipped 1% to 9.3 million bbl/day.
  • Distillate inventories declined 4.1 million barrels, the sixth consecutive weekly increase. Consumption increased 10.5% to 4.4 million bbl/day.
QUICK LINKS:
  Inventories - crude oil, gasoline & distillate inventories
  Refinery utilization by PADD
  Crude production & rig counts
  Crude balance - production, imports, exports, refinery runs
  US imports of Canadian crude
  Gasoline balance - production, imports, exports, consumption
  Distillate balance - production, imports, exports, consumption
  Total products balance - imports, exports, consumption
DATA DOWNLOAD
WEEKLY PETROLEUM DATA:
• Inventories & trade data
• Production & oil rig counts
• Weekly data from Jan 2005

INVENTORIES
INVENTORIES (thousand barrels)

PADD 1: EAST COAST • PADD 2: MIDWEST • PADD 3: GULF COAST • PADD 4: ROCKY MNTS • PADD 5: WEST COAST

COMMERCIAL CRUDE OIL INVENTORIES

GASOLINE & DISTILLATE INVENTORIES

REFINERY UTILIZATION


CRUDE PRODUCTION & TRADE BALANCE
CRUDE OIL BALANCE (thousand bbl/day)

CRUDE BALANCE VS INVENTORIES

US CRUDE OIL PRODUCTION VS RIG COUNTS

US CRUDE OIL IMPORTS & EXPORTS

US IMPORTS OF CANADIAN CRUDE


PRODUCT BALANCE
GASOLINE BALANCE (thousand bbl/day)

GASOLINE BALANCE VS INVENTORIES

DISTILLATE BALANCE (thousand bbl/day)

DISTILLATE BALANCE VS INVENTORIES

TOTAL PETROLEUM PRODUCTS (thousand bbl/day)

IMPORTS & EXPORTS OF PETROLEUM PRODUCTS

TOTAL PRODUCTS CONSUMED

UPDATED: EVERY WEDNESDAY (THURSDAY DURING HOLIDAY MONDAYS)
NOTES:
CRUDE/DISTILLATE BALANCE = PRODUCTION + IMPORTS − EXPORTS − CONSUMPTION
GASOLINE BALANCE INCLUDES ADJUSTMENT FOR BLENDING COMPONENTS
SOURCES:
THE US ENERGY INFORMATION ADMINISTRATION (EIA)
WEEKLY RIG COUNTS PROVIDED BY BAKER HUGHES
Crude stockpiles continue to build as Lower 48 output surges to new record highs

Crude stockpiles continue to build as Lower 48 output surges to new record highs

Crude stockpiles continue to rise, now up 28 million barrels from lows of mid-September

Crude stockpiles continue to rise, now up 28 million barrels from lows of mid-September

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