EIA Weekly Petroleum Status Report: Spike in Production, Drop in Imports and Demand

Today's EIA Report showed a drop in Crude Inventories (down 2.563 MMBBL), a sharp rise in Lower 48 Production (up 101 KBBL), and a dive in net imports (just 3.6 MMBBL).  The 4 week moving average of gasoline demand also fell, continuing the downward trend and below 2015 levels.

See 11 graphs below:

EIA Weekly Petroleum Report: A Weaker Picture this Week

EIA reported increases in crude, gasoline, and diesel inventories this week.  Overall, stocks remain high for crude, average for gasoline, and low for distillate.

Regionally, stocks increased in the closely watched Cushing, OK storage region and the gulf coast, leaving Cushing well below the historical range, and gulf coast well above.

Demand showed weakness in both gasoline and diesel, with weekly gasoline demand falling below the 5 year range, and distillate falling for the 4th week in a row to the middle of the range:

EIA Petroleum Weekly Report: Demand Slows Abruptly

Inventory
Commercial crude oil inventories fell by 2.6 million barrels this week, alongside a comparable rise in refined fuel inventories with Gasoline up 1.7 M and Diesel up 0.9 M.
EIA Weekly Petroleum Inventory

Regional crude inventories in the important Cushing and Gulf Coast locations fell slightly, with Cushing remaining well below historical levels and Gulf Coast well above:

Demand
Demand was tepid last week, falling below the recent trend for both gasoline and diesel.  Both products recorded levels comparable to last year, and near the low end of the 5 year range.
EIA Weekly Petroleum Demand

Supply
Supply recovered from last week's maintenance-driven decline.  Net imports were down on the week, driven primarily by increased product exports.
EIA Weekly Petroleum Supply

EIA Weekly Petroleum Report

Inventories
Today's EIA Petroleum Report was mixed, as crude inventories fell while product stocks grew.  The net was an 8.8 million barrel increase in total commercial supplies.

Crude stocks fell 3.43MM but remained at the upper end of the range.  Gasoline supplies were steady in the middle of the range, and diesel held below the range after gaining 2 million barrels.

Regionally, both Cushing and Gulf Coast crude inventories fell:

Demand

Demand fell across all categories this week, down a combined 1 MM barrels per day.  But gasoline and diesel demand were still strong.  Gasoline demand has been 300K barrels per day above 2013 demand for the last six weeks.  Diesel demand was above the 5 year range for the second week.

Supply
Domestic crude production fell this week, in Alaska and the lower 48, by a combined 89K BOPD.

Full Reports
EIA Weekly Petroleum Inventory
EIA Weekly Petroleum Supply
EIA Weekly Petroleum Demand

EIA Petroleum Status Report: Strong Demand, Product Inventories Decline

Inventory

Crude stocks grew by just under 1 million barrels last week, remaining just above the historical range.  But both Gasoline and Diesel supplies fell, keeping inventories low.  Propane continued its aggressive recovery, back into the upper half of the 5 year range.  Oil future rose slightly on the news.  

Cushing inventories continued their rapid decline, well below the historical range, while gulf coast inventories continued to build, adding 2.3 million barrels to move further above the averages.  

EIA Weekly Petroleum Inventory

Demand

Demand for gasoline, and especially diesel, was robust last week.  Diesel posted the second strong week in a row, well above the 5 year average, even as diesel inventories remained below average.

EIA Weekly Petroleum Demand

Supply

The US posted another week of record crude production, more than 1.1 million barrels per day above last year's level.

EIA Weekly Petroleum Supply

The balance of trade was a bit looser last week, as net imports rose by 435K barrels per day.

EIA Petroleum Status Report

Inventories

This week's EIA Petroleum Status Report for May 2 was positive overall, with drawdowns in Crude and Diesel, and declines in both Cushing and Gulf Coast crude stocks.  Gasoline inventories saw a build, and a very large addition to propane inventory was a reminder that we have too much.

Crude remained above the high end of the historical range, gasoline remained near the midpoint, and diesel fell back below the low end of the range.

EIA Weekly Petroleum Inventory

Crude prices firmed after the report, perhaps on the unexpected news that gulf coast inventories declined.  Cushing fell further below the historical range as expected.

Demand

Gasoline demand was flat week on week, in the middle of the range and above last year's levels.  But diesel showed strength, well above last week, the historical range, and last year, at 4.33 MMBBLD.

EIA Weekly Petroleum Demand

Supply

Domestic crude production was flat week on week, and the trade balance improved by about half a million barrels per day as crude imports fell 600 KBOPD, and exports declined slightly.

EIA Weekly Petroleum Supply

EIA Weekly Petroleum Status: Rising Inventories, Rebounding Demand

Inventory

EIA reports 4/25/14 inventories rose a total of 7.91 MMBBL, with Crude, Gasoline, and Diesel all increasing by 1.5 to 2 MMBBL each.  Only jet fuel and resid fuel declined this week.  

This kept commercial crude inventories above the historical range for the third week in a row.  Gasoline inventories moved back toward the middle of the range, and diesel held just below the range, about 20 million barrels below the midpoint.  

Cushing inventories fell further below the range, and gulf coast inventories experienced another huge increase, now well above the range.

EIA Weekly Petroleum Inventory

Core inventories this week:

Cushing and Gulf Coast inventories:

Demand

Most demand categories recovered this week, with gasoline up 263K BOEPD to the middle of the range, and diesel remaining at the high end..

EIA Weekly Petroleum Demand

Supply

Supply was little changed this week, with the trade balance turning slightly more negative as both crude imports and product exports were lower from the previous week.

EIA Weekly Petroleum Supply

EIA Weekly Petroleum Report: Sharp Rise in Crude Inventory, Decline in Demand

Inventory

Crude inventories rose sharply this week, by over 3.5 MMBBL.  All other petroleum products were also higher, except gasoline which fell a slight 274 thousand barrels.  This coincided with a week that saw a decline in demand.  Cushing inventories fell again, but gulf coast volumes swelled to a new high.  Commercial crude inventories are now at their highest in the last six years.

Regional inventories saw Cushing fall, Gulf Coast rise:

Supply

US production swelled to a new high of 8.36 MBBLD, up almost 60,000 barrels a day over last week. 

And the trade balance improved despite falling demand.  Crude imports were down about half a million barrels a day, and product exports rose by 147KBBLD.

Demand
Steep declines in both Gasoline and Diesel demand led to one of the weakest showings of the year overall, though diesel demand remains robust, at the top end of the historical range.

EIA Weekly Petroleum Report

Inventories

Today's EIA Petroleum Report showed increases in all inventories save Gasoline.  Crude stocks were up 4 million barrels, pushing inventories near the top end of the range.  WTI prices were little changed on the news.   Gasoline inventories fell over 5 million barrels, and supplies are now at the lower end of the 5 year range.

Crude inventories at Cushing, OK were up for the the first time in ten weeks, but remain below the 5 year range.  Supplies also increased 3 million barrels in the gulf coast region (PADD 3), further swelling inventories above the 5 year range.

Supply

Domestic production recovered this week to a new high of 8.23 million barrels per day. The trade balance was more negative, likely reflecting the recovery of delayed shipments in the prior week due to the Houston ship channel closure.

Demand
The demand picture was firm in Gasoline and Diesel for the second week in a row, with both categories moving into the upper end of the 5 year range.  Propane demand was down, consistent with the seasonal pattern.

PDF reports for all catergories:

EIA Weekly Petroleum Inventory

EIA Weekly Petroleum Supply

EIA Weekly Petroleum Demand