Cushing stockpiles continue to fall, now down over 10 million barrels in 5 weeks

Cushing stockpiles continue to fall, now down over 10 million barrels in 5 weeks

Summary of this week's US Petroleum Status Report for the week ending Jul 6, 2018:
  • Commercial crude oil inventories decreased 12.6 million barrels last week, with the largest drawdowns seen in the Gulf Coast, down almost 7.2 million barrels. All other PADDs also saw drawdowns.
  • Inventories continue to fall at the Cushing storage hub in Oklahoma, declining another 2.1 million barrels last week. Cushing stockpiles are now down over 10 million barrels over the past 5 weeks and almost 44 million barrels from the highs of April 2017.
  • Refinery runs were roughly unchanged at 17.7 million bbl/day. Overall refinery utilization declined from 97.1% to 96.7% last week.
  • For the fourth week in a row, total US crude production was also reported unchanged at 10.9 million bbl/day.
  • Crude imports fell almost 20% to 7.4 million bbl/day while exports declined 13% to 2 million bbl/day. Imports of Canadian crude also dipped by 287,000 bbl/day to 3.44 million bbl/day.
  • Gasoline production rose 4% to 10.7 million bbl/day. Consumption dropped 6% to 9.3 million bbl/day while stockpiles declined by almost 700,000 barrels.
  • Distillate inventories surged by 4.1 million barrels last week as consumption fell 8% to 3.8 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
Inventories rise as refinery utilization rates tumble and production hits a record 11M bbl/day

Inventories rise as refinery utilization rates tumble and production hits a record 11M bbl/day

EIA reports a surprise build in crude inventories as imports of Canadian crude hits a record high

EIA reports a surprise build in crude inventories as imports of Canadian crude hits a record high

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