US crude production surges to new record high

US crude production surges to new record high

Summary of this week's US Petroleum Status Report for the week ending January 11, 2019:
  • Commercial crude oil inventories declined by 2.7 million barrels, with most of the declines coming from the East Coast (PADD 1), down 2.5 million barrels.
  • Inventories at the Cushing storage hub dropped 743,000 barrels.
  • Total US crude production surged to new record high of 11.9 million bbl/day, as output from the Lower 48 reached a record 11.4 million bbl/day.
  • Crude imports dipped 4% to 7.5 million bbl/day, while exports increased 44% to 3.0 million bbl/day.
  • Imports of Canadian crude declined 180,000 bbl/day to 3.57 million bbl/day.
  • Overall refinery utilization fell from 96.1% to 94.6%. Gulf Coast utliization rates further slowed to 94.2% last week.
  • Gasoline inventories rose for the seventh week in a row, gaining another 7.5 million barrels. Distillate stockpiles also rose 3 million barrels, despite a 51% jump in consumption, rising to 4.4 million bbl/day last week.
  • Overall petroleum consumption increased 5.6% to 20.9 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
US imports of Cdn crude hits a record high in the first week of 2019

US imports of Cdn crude hits a record high in the first week of 2019

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