After stalling for several weeks, U.S. oil output surges to new record high

After stalling for several weeks, U.S. oil output surges to new record high

Summary of this week's US Petroleum Status Report for the week ending August 23, 2019:
  • Commercial crude oil inventories dropped by 10 million barrels last week. Declines were seen in all PADDs, with the largest drop reported in the Midwest, which fell almost 5 million barrels. The Cushing storage hub saw a 2 million barrel drawdown.
  • Total US crude output jumped to a new record high of 12.5 million bbl/day.
  • Crude exports rose 216,000 bbl/day to 3 million bbl/day, while imports dropped 18% to just under 6 million bbl/day.
  • Imports of Canadian crude declined by 429,000 bbl/day, ending the week at an estimated 3.2 million bbl/day.
  • Refinery utilization dropped slightly to 95.2% last week. Refineries in the Midwest and Rocky Mountains region are still reportedly running at over 100% of capacity.
  • Gasoline and distillate inventories each declined 2 million barrels.
  • Total consumption of petroleum products rose 6% to 22.2 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 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 inventories continue to trend lower, as stockpiles fall for third week in a row

Crude inventories continue to trend lower, as stockpiles fall for third week in a row

Crude stockpiles shrink by almost 3M barrels, reversing gains from the previous week

Crude stockpiles shrink by almost 3M barrels, reversing gains from the previous week