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

Summary of this week's US Petroleum Status Report for the week ending November 2, 2018:
  • Commercial crude oil inventories rose another 5.8 million barrels last week, the seventh consecutive weekly gain, with the biggest increase seen in the Gulf Coast (PADD 3), up almost 5 million barrels. Cushing stockpiles also rose another 2.4 million barrels.
  • Overall refinery utilization nudged higher, rising to 90%. Utilization in the Midwest region continues to recover, rising from 75.4% to over 77%.
  • Lower 48 output jumped 400,000 bbl/day, bringing total US crude production to a new record high of 11.6 million bbl/day. US crude supply is now up 1 million bbl/day since last spring.
  • Crude imports rose 3% to 7.5 million bbl/day while exports declined 3% to 2.4 million bbl/day. Imports of Canadian crude jumped 10% to 3.5 million bbl/day.
  • Gasoline inventories increased 1.9 million barrels last week while distillate inventories declined 3.5 million barrels.
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 inventories rise another 10 million barrels as output hits a new record high

Crude inventories rise another 10 million barrels as output hits a new record high

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