Crude stockpiles post a big drop while total output touches new record high

Crude stockpiles post a big drop while total output touches new record high

Summary of this week's US Petroleum Status Report for the week ending February 22, 2019:
  • Commercial crude oil inventories declined by 8.6 million barrels, mostly due to a 6.8 million barrel drop in the Gulf Coast (PADD 3). Cushing saw a build of 1.6 million barrels.
  • Total US crude production hit another record high of 12.1 million bbl/day.
  • After touching a new high the previous week, crude exports dipped 7% to 3.4 million bbl/day.
  • Imports decreased by 1.6 million bbl/day to 5.9 million bbl/day.
  • Imports of Canadian crude decreased by 240,000 bbl/day to 3.05 million bbl/day.
  • Overall refinery utilization rose from 85.9% to 87.1%.
  • Gasoline inventories declined by 1.9 million barrels, as consumption rose another 2% to 9 million bbl/day.
  • Distillate stockpiles also dropped by 304,000 barrels, while consumption decreased 3% to 4.1 million bbl/day.
  • Overall petroleum consumption rose by 750,000 bbl/day to 21.5 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 surge in the Midwest and West Coast, reversing drawdowns from the previous week

Crude stockpiles surge in the Midwest and West Coast, reversing drawdowns from the previous week

Crude exports surge to record highs as output hits 12 million bbl/day

Crude exports surge to record highs as output hits 12 million bbl/day

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