US Department of Energy

Published at 17:01 6 Dec 2017 by

Extract from crude oil:

Crude stockdraws of 5.6 mb, aided by the Keystone pipeline outage driving PADD 2 stocks lower by 3.4 mb, took the total November draw to 8.1 mb. Crude inventories are now 37.7 mb lower y/y and stand at their lowest since October 2015, as the overhang vs the five-year average continues to be whittled down. Runs continued to rise, up to almost 17.2 mb/d (+0.78 mb/d y/y), while imports eased to 7.2 mb/d and exports stayed elevated at 1.4 mb/d, which in turn supported the 1.1 mb draw in PADD 3 stocks. We expect the pace of stockdraws to accelerate through December to over 17 mb, even after accounting for strong crude production growth.

Extract from oil products:

US gasoline inventories rose by 6.8 mb w/w to 220.9 mb, higher than the average w/w build of 5.4 mb at this point over the past five years. PADD 1 led the gains, with stocks rising by 2.4 mb w/w to 58.5 mb on further strong inflows from PADD 3 and steady waterborne imports—imports into the USEC held at 0.46 mb/d. PADD 2 stocks also continued to recover, rising for a second straight week as regional refinery runs hit an 11-week high of 3.81 mb/d. PADD 3 throughputs also continued to rise, hitting a 14-week high, though continued export demand and higher jet yields—which could continue with cash differentials for Atlantic Coast jet fuel hitting a three-month high yesterday—kept regional builds to 1.5 mb w/w. US gasoline stocks are likely to continue growing in the near term on high refinery runs amid seasonally low demand.

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