US Department of Energy

Published at 17:56 18 Apr 2018 by . Last edited 15:12 5 Nov 2018.

Extract from crude oil:

US crude stocks fell counter-seasonally by 1 mb to below 428 mb, compared to the usual five-year build of 2.2 mb, taking stocks lower y/y by 105 mb and only marginally higher than 2014 levels. Perhaps more importantly, total commercial inventories plunged by 10.6 mb and moved below the five-year average for the first time since 2014. The real tightness is in products, but crude stocks have hardly built so far this year either, though with peak runs ahead of us, strong stockdraws should be supported. Ultimately, even with record US production, domestic stocks have not built, thanks to record exports (which jumped by 0.54 mb/d w/w to 1.75 mb/d last week). Last week, the draws were concentrated in PADD 3, where stocks fell by 1.5 mb, even with a 70 thousand b/d w/w decline in runs, as lower imports and higher exports compensated. Cushing stocks fell by 1.1 mb to below 35 mb, bringing month-to-date draws to 0.3 mb.

Extract from oil products:

US gasoline stocks fell by 3.0 mb w/w to 236.0 mb. PADD 5 led the draws (-1.0 mb w/w), mirroring recent strength in west coast gasoline differentials. Despite domestic runs remaining relatively elevated at 16.95 mb/d and exports slowing to a seven-week low of 0.65 mb/d, w/w stockdraws of 0.8 mb in PADD 2 and 0.7 mb in PADD 3 suggest that, despite Mexican buying appearing to ebb in April, there are alternative outlets for USGC production for now. Despite relatively high imports, USEC stocks also drew, albeit by a more modest 0.3 mb, with stocks in PADD 1B broadly flat w/w. Inflows from Europe should remain high in the coming weeks and, with the latest weekly demand number looking more of an outlier rather than a new base, upcoming refinery maintenance looks the main hope to balance supplies in the short run.

Log in to download

Other Data review publications

South Korea oil data – June 2019

Published 12 hours ago

2019-07 Oil - Data review - South Korea oil data – June 2019 cover
South Korean oil demand contracted further in June, down by 0.11 mb/d y/y, as ongoing regional tr..

Read more

India oil data – Jun 2019

Published 1 day ago

2019-07 Oil - Data review - India oil data – Jun 2019 cover
First published on 22 July, this data review was updated on 23 July after new data was released.I..

Read more

Rig report

Published 4 days ago

No cover
Within this report you will be able to review the latest figures published by Baker Hughes by oil..

Read more

Europe oil data – May 2019

Published 5 days ago

2019-07 Oil - Data review - Europe oil data – May 2019 cover
Extract from demand:European oil demand continued to decline in May, falling y/y by 0.67 mb/d to..

Read more

Middle East oil demand – May 2019

Published 5 days ago

2019-07 Oil - Data review - Middle East oil demand – May 2019 cover
Users licensed for the data service can access our Middle East oil data.Oil demand in the 10 top-..

Read more