Wednesday, February 12, 2014

EIA Weekly Petroleum Status Report: Oil +3.27 Gas -1.85 Diesel -0.73 Cushing -2.67

Today's EIA Weekly Petroleum Status Report was notable for the following:

Commercial Crude Inventories rose a solid 3.3 Million Barrels, remaining in the middle of the 5 year range:

Cushing Crude fell by 2.7 Million Barrels, the second weekly decline, and much lower than this time last year.

Distillates were down slightly, remaining well below the 5 year average.

Gasoline was down 1.85 Million Barrels, and close to this time last year, just above the mid range of the 5 year average.

Net imports were up 850K Barrels per day, as exported products increased slightly to 1.9 MM, while crude imports were up more than 1 Million barrels per day.

Propane inventories were drawn down almost 3 Million Barrels by another week of cold weather, and remain below the range, but high prices and distribution constraints possibly restrained demand, which was up but not exceptional.

Meanwhile domestic demand was down for all other refined products:

Full PDF Reports here: