Output touches a new record high despite falling rig counts

Output touches a new record high despite falling rig counts

Summary of this week's US Petroleum Status Report for the week ending March 29, 2019:
  • Commercial crude oil inventories unexpectedly rose by 7.2 million barrels last week, mostly due to another big increase in Gulf Coast stockpiles (up 8.7 million barrels).
  • The Cushing storage terminal was little changed for the week.
  • Total US crude production ticked up 100,000 bbl/day, reaching a new record high of 12.2 million bbl/day.
  • Crude exports declined 163,000 bbl/day to 2.7 million bbl/day, while imports rose 223,000 bbl/day to 6.8 million bbl/day.
  • Imports of Canadian crude declined by 235,000 bbl/day to 3.2 million bbl/day.
  • Overall refinery utilization was little changed at 86.4% last week.
  • Gasoline inventories declined another 1.8 million barrels, its seventh consecutive week of declines. Distillate stockpiles also fell 2 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 stockpiles unexpectedly build by 7M bbls, while gasoline inventories fall for the eighth week in a row

Crude stockpiles unexpectedly build by 7M bbls, while gasoline inventories fall for the eighth week in a row

Product stockpiles continue to shrink, falling another 5 million barrels last week

Product stockpiles continue to shrink, falling another 5 million barrels last week