Stockpiles decline in the Gulf Coast as exports surge to new highs

Stockpiles decline in the Gulf Coast as exports surge to new highs

Summary of this week's US Petroleum Status Report for the week ending December 21, 2018:
  • Commercial crude oil inventories declined by 46,000 barrels last week. Heavy drawdowns in the Gulf Coast (PADD 3) offset gains in all other regions. Inventories in Cushing rose by 800,000 barrels.
  • Overall refinery utilization was roughly unchanged at 95.1%.
  • Crude production ticked back to the old record high of 11.7 million bbl/day.
  • Imports of Canadian crude rose 300,000 bbl/day to 3.4 million bbl/day.
  • Crude imports increased 3% to 7.7 million bbl/day.
  • Crude exports rose 28% to almost 3 million bbl/day. The 4-week average now sits at a record 2.7 million bbl/day.
  • Gasoline inventories rose for the fourth week in a row, gaining another 3 million barrels last week. Distillate stockpiles were roughly unchanged.
  • Overall petroleum consumption declined 7% to 20.7 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
US refineries run flat-out, sending product stockpiles higher

US refineries run flat-out, sending product stockpiles higher

US imports of Canadian crude sink 10% to just 3.1 million bbl/day

US imports of Canadian crude sink 10% to just 3.1 million bbl/day

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