EIA: Net draw, 1m bbls in crude Quite a flat report, given all the bearish factors for big builds. Refinery issues kept production down.
When we get to normal seasonal consumption rates after winter, this small kind of oil and product supply to the markets will be far too low to meet demand.
Enjoy these low prices now, while you still can. We are bottoming out.
US refinery runs fell by 2.329mbpd w/w to 13.820mbpd last week - EIA U.S CRUDE OIL INVENTORIES ACTUAL: 1694K VS 718K PREVIOUS; EST 1500K U.S CUSHING CRUDE OIL INVENTORIES ACTUAL: 244K VS -195K PREVIOUS U.S GASOLINE INVENTORIES ACTUAL: -346K VS -3105K PREVIOUS; EST -1000K U.S DISTILLATE INVENTORY ACTUAL: -1427K VS 283K PREVIOUS; EST -1173K EIA data, week ending 12/31 Crude oil: +1.7M Domestic prod: 12.1MMbpd SPR: -2.7M Cushing: +0.3M Gasoline: -0.3M Impld mogas demand: 7.51Mbpd Distillates: -1.4M Refiner utilz: 79.6% Total exports: 10.55MMbpd US petroleum (crude, SPR, refined products) inventories fell by 5.872mb w/w to 1,577.627mb last week - EIA DOE: US Crude Oil Stocks +1.694M Bbl In Wk; Seen +0.4M Bbl US implied oil demand (product supplied) fell by 4.632mbpd w/w to 18.190mbpd last week change by product in kbpd gasoline -1813 jet fuel -81 distillate -1081 residual fuel oil +187 propane/propylene -547 other oils -1296 EIA Crude +1.694MM, Exp. 1.5MM Distillate -1.427MM Gasoline -346K Cushing +244K Production +100bk/d to 12.1MMb/d SPR drain -2.748MM US crude imports by origin in kbpd (incl. w/w changes)
Canada -555 to 2949
Mexico -153 to 428
Saudi Arabia +6 to 479
Colombia +4 to 357
Iraq +65 to 354
Ecuador -187 to 87
Nigeria +75 to 141
Brazil +179 to 219
Libya +90 to 90 EIA Here's a major reason why #gasprices soared in the last couple weeks. We cited the arctic blast for refinery issues. Now the number- refinery utilization fell 12.4% for the week ending 12/31- that's a huge drop, and why #gasprices spiked. Gasoline production plunged from 10.1 million barrels prior to the cold to just 8.5 million barrels as a result. That's a drop of ~16%