EIA: Crude builds 2.4M bbls, products build
Again, seasonal builds in product and crude, right before refinery mantenance season starts.
Demand up over 4%. US Domestic production up.
PADD1 had massive imports of distilates, taking inventories up from the brink, hence the reason for the big drop in HO and ULSD prices, which affected cracks, which dropped crude.
RBOB and HO droppping again 15 minutes in, lowering WTI. Watch for a bounce...
EIA (wk ending 3 Feb)
Crude: 2.423M
Cushing: 1.043M
Gasoline: +5.008M
Distillates: +2.932M
The US imported a whopping 4.84 million barrels of distillates in the last week, of which, 4.65 million barrels arrived into PADD 1.
US crude imports by origin in kbpd (incl. w/w changes) Canada +269 to 3856 Mexico +155 to 913 Saudi Arabia -256 to 384 Colombia -146 to 70 Iraq -239 to 230 Ecuador -36 to 207 Nigeria -69 to 248 Brazil -48 to 66 Libya +89 to 89 EIA
US crude oil production has reached the highest level since April 2020 and stands at 12.3 million barrels per day
US implied oil demand (product supplied) rose by 430kbpd w/w to 20.536mbpd last week w/w changes in kbpd gasoline -63 jet fuel -43 distillate +70 residual fuel oil -200 propane/propylene +371 other oils +295 EIA
EIA data, week ending 2/3 Crude oil: +2.4M Domestic prod: 12.3MMbpd SPR: NC Cushing: +1.1M Gasoline: +5.0M Impld mogas demand: 8.43MMbpd Distillates: +2.9M Refiner utilz: 87.9% Total exports: 9.16MMbpd
Crude +2.42MM, exp. +2.0MM Gasoline +5.008MM Distillates +2.932MM Cushing +1.043MM Production +100kb/d
U.S CRUDE OIL INVENTORIES ACTUAL: 2423K VS 4140K PREVIOUS; EST 2000K