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EIA: Crude, Gasoline and Distillate Stocks Higher on Week
5/22 9:59 AM
EIA: Crude, Gasoline and Distillate Stocks Higher on Week OAKHURST, N.J. (DTN) --- Energy Information Administration once again reported a surprise week-over-week build in crude oil supplies while also detailing gains in gasoline and distillate inventories in the week ended May 17. Data ahowed commercial crude oil inventories jumped 4.7 million bbl to 476.8 million bbl, nearly 9% higher than the same week in 2018 and about 4% above the five-year average for this time of year. At the key Cushing supply depot in Oklahoma, the delivery location for the New York Mercantile Exchange West Texas Intermediate futures contract, crude oil inventories moved higher for the fifth consecutive week, up 1.266 million bbl to 49.069 million bbl. U.S. crude oil refinery inputs averaged 16.6 million bpd during the week ended May 17, which was up 98,000 bpd lower than the previous week and 0.3% below the year prior. Agency data showed domestic production climbed 100,000 bpd to 12.200 million bpd, 13.8% more than the same time in 2018. EIA reported domestic refineries reduced rates, running at 89.9% of their operable capacity last week versus 90.5% the week prior. U.S. crude oil imports averaged 6.9 million bpd during the week-ended May 17, falling 669,000 bpd from the previous week. Over the last four weeks crude oil imports averaged about 7.2 million bpd, 9.4% less than the same four weeks in 2018. EIA reported total motor gasoline inventories jumped 3.7 million bbl to 228.7 million bbl, 2.2% lower than the same week last year and at the five-year average for this time of year. Finished gasoline and blending components inventories both increased last week. Gasoline production eased 29,000 bpd on the week to 9.883 million bpd, 1.7% lower than the same week a year ago. Total motor gasoline imports, which include both finished gasoline and gasoline blending components, jumped 598,000 bpd last week to 1.350 million bpd. Data showed implied gasoline demand continued to seesaw, up 281,000 bpd to 9.429 million bpd in the week reviewed, 2.7% lower than the corresponding week in 2018. For the four-weeks ended May 17, implied gasoline demand at 9.419 million bpd was 1.1% lower than the corresponding four-week period last year. Cumulative daily average demand for the week reviewed was 9.183 million bpd according to the data, down 0.4% from the same timeframe last year. Distillate fuel inventories increased for a second week, up 768,000 bpd to 126.4 million bpd, a near 11% year-over-year supply surplus yet about 4% below the five-year average for this time of year. Distillate fuel production decreased 58,000 bpd to 5.206 million bpd last week, 5.4% more than a year ago. Distillate fuel imports increased 61,000 bpd to 102,000 bpd on the week. Implied demand for distillates rose 198,000 bpd to 4.094 million bpd as of May 10, 3.0% below the same week in 2018. Four-week average distillate fuel oil demand at 3.998 million bpd, 4.0% lower than the same period in 2018, while cumulative daily average demand at 4.083 million bpd was 0.1% below the same period a year earlier. Total commercial petroleum inventories continued higher, rising 16.8 million bbl last week, data shows. Total products supplied over the last four-week period averaged 19.9 million bpd, down nearly 3% from the same period a year earlier. (c) 2019 DTN. All rights reserved.