Crude stockpiles tick higher as refineries dial back production

Crude stockpiles tick higher as refineries dial back production

Summary of this week's US Petroleum Status Report for the week ending January 25, 2019:
  • Commercial crude oil inventories ticked up by 919,000 barrels, mostly in the East Coast (PADD 1) and Midwest (PADD 2). The Gulf Coast (PADD 3) saw a drawdown of almost 1 million barrels.
  • Inventories at the Cushing storage hub dropped by 145,000 barrels, a third weekly decline.
  • Total US crude production was unchanged at 11.9 million bbl/day.
  • Crude imports fell by over 1.1 million bbl/day to 7.1 million bbl/day, while exports dipped 5% to 1.9 million bbl/day.
  • Imports of Canadian crude dropped 519,000 bbl/day to an estimated 3.54 million bbl/day.
  • Overall refinery utilization fell from almost 93% to 90.1%. Declines were seen across all PADDs except the West Coast. Utilization rates in the East Coast plummeted from 89% to just 72%.
  • Gasoline inventories declined 2.2 million barrels as consumption increased almost 8% to 9.6 million bbl/day.
  • Distillate stockpiles also dipped by 1.1 million barrels, despite a 12% drop in consumption, which fell to 4.1 million bbl/day.
  • Overall petroleum consumption decreased 3% to 20.8 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
Cushing stockpiles continue to rise as US imports more Canadian crude

Cushing stockpiles continue to rise as US imports more Canadian crude

US imports of Canadian crude surges to another record high

US imports of Canadian crude surges to another record high