Crude stockpiles continue to build as US output hits another record high

Crude stockpiles continue to build as US output hits another record high

Summary of this week's US Petroleum Status Report for the week ending May 31, 2019:
  • Commercial crude oil inventories rose by 6.8 million barrels last week, with most of the gains seen in the Gulf Coast (up 3.5 million barrels) and the Cushing storage terminal in Oklahoma (up 1.8 million barrels).
  • Total US crude output was estimated to have risen by 100,000 bbl/day last week, bringing total output to a new record high of 12.4 million bbl/day.
  • Crude exports were little changed at 3.3 million bbl/day, while imports rose 16% to almost 8 million bbl/day.
  • Imports of Canadian crude also rose by 680,000 bbl/day to 3.87 million bbl/day.
  • Overall US refinery utilization nudged up to almost 92% last week, despite small declines seen in the Midwest (PADD 2) and the Gulf Coast (PADD 3).
  • Gasoline inventories jumped 3.2 million barrels last week, the third consecutive weekly gain. Production increased 2% to over 10 million bbl/day.
  • Distillate stockpiles rose 4.6 million barrels. Production rose 4% to 5.4 million bbl/day while consumption dropped 21% to 3.3 million bbl/day.
  • Total demand for petroleum products fell almost 10% to 19.4 million bbl/day, reversing all gains from the previous week.
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 SUBSCRIPTION
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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 pile up in Cushing, despite ramp-up in Midwest refineries

Crude stockpiles pile up in Cushing, despite ramp-up in Midwest refineries

Crude stockpiles little changed despite strong product demand and higher exports

Crude stockpiles little changed despite strong product demand and higher exports