DOE CRUDE STATS
| June 29, 2011
29 June 2011
In this week’s EIA data, crude stocks drew -4.4m bbl to 359.5m bbl while gasoline production took a hit following a four week rally. The stock draw was more than double the consensus estimate, and WTI prices advanced more than 3% following the release. A slight drop in crude runs (-31 kb/d w-o-w) was overwhelmed by a sharp fall in imports, down by -271 kb/d. Despite a slight w-o-w drop, refinery utilization at 88.1% still remains at its highest level since August 2010. Major data points: .....
DOE CRUDE STATS
| June 22, 2011
22 June 2011
In this week’s EIA data, crude stocks drew -1.7m bbl to 363.8m bbl while gasoline production continued to climb as refiners pushed up crude runs moving into the summer. The 544 kb/d surge in gasoline production (4wk avg) since the start of May stems from an increase in crude throughput across the country, with refineries operating at 89.2% of capacity, the highest level since August 2010. Apparent gasoline demand has spiked in recent weeks, elevating from sub-2009 levels to a robust 9.3 mb/d (.....
DOE CRUDE STATS
| June 15, 2011
June 15, 2011
June 15, 2011 Continued low imports and a 243 kb/d decline in runs contributed to a -3.4m bbl draw in crude stocks this week. A -1.1m bbl draw in Cushing leaves stocks there essentially even with year-ago levels for the first time since March 2010. Historical trends in Cushing stocks would suggest that inventories may draw by an additional 4m – 6m bbl between now and the onset of winter, which would provide additional breathing space relative to effective storage capacity. On a national level,.....
DOE CRUDE STATS
| June 08, 2011
8 June 2011
This week’s stats had to fight for attention amid the drama of Vienna, but a few interesting points came through in the data. Crude imports dropped 918 kb/d to 8.6 mb/d while runs continued to improve, up 261 kb/d to 15.1 mb/d. Crude stocks drew -4.8m bbl. This week’s -1.0m bbl draw in Cushing brings crude stocks in the Midcon pricing hub to 41.9m bbl, the lowest level since February. Though Cushing inventories have fallen only a slight -3.0m bbl over the last two months, they are now within 1.5.....
DOE CRUDE STATS
| June 02, 2011
2 June 2011
Crude and gasoline stocks both gained on the week, with crude building +2.9m bbl to 373.8m bbl and total mogas up +2.6m bbl to 212.3m bbl. The crude build was aided by a 286 kb/d increase in imports. Though total mogas imports fell 208 kb/d, that drop distracts from the fact that 4-week average gasoline imports are still hovering above 1.1 mb/d. While refiners left crude runs relatively unchanged on the week, gasoline yields rose 1.1pp to 62.4%, boosting output 174 kb/d to 9.4 mb/d. Apparent mo.....
DOE CRUDE STATS
| May 25, 2011
A product-ive week for stocks
Product stocks saw considerable movement this week, with gasoline stocks building +3.8m bbl while distillate drew -2.0m bbl. Crude throughput jumped 494 kb/d, a sign of recovery from recent unplanned outages, yet is 776 kb/d under year-ago levels (4-week average). Imports likewise increased, with crude 662 kb/d higher and total mogas up another 585 kb/d. The rapid descent of PADD 1 mogas stocks between February and April has reversed sharply, with inventories building 8.5m bbl over the last 3 .....
DOE CRUDE STATS
| May 18, 2011
A week in the life of the US oil market
Stocks drew in both of the NYMEX storage centers, with crude -1.59m bbl lower in Cushing and total mogas down -0.7m bbl along the East Coast, though US crude stocks were flat on the week at 370.3m bbl. Crude imports rose 129 kb/d on a four-week average basis but continue to fall further below year-ago levels. A 490 kb/d drop in PADD III crude imports may reflect floodwaters interfering with offloading. Meanwhile, a 239 kb/d increase in crude runs, the bulk of it coming in PADD III , sug.....
DOE CRUDE STATS
| May 11, 2011
Life in the fast lane
This week’s numbers furthered an intense intraday sell-off in spot RBOB on the NYMEX , which appears likely to settle around 8% lower on the day. The DOE gasoline data catalyzed the collapse, though the reduced threat of flooding on the Gulf refinery complex also appeared to factor into the move. The market has been searching for tell-tale signs of the effect of soaring retail gasoline prices on demand going into the summer, with the uncertainty magnifying the price impact of today’s data. .....
DOE CRUDE STATS
| May 04, 2011
A lesson in contrasts
This week’s DOE numbers show patterns in critical inventory numbers that are as contrasting as they are market-impacting. Commercial crude oil inventories, which are just 8.7m bbl under the all-time record high hit in 2009, built +3.4m bbl to 366.5m bbl, while gasoline stocks continued to plummet in PADD I and across the county. PADD I gasoline stocks drew -1.7m bbl to 48.0m bbl, and are now at their lowest level since Oct. 2008. Underlying the week’s crude build was a 389 kb/d slowdown in.....
DOE CRUDE STATS
| April 27, 2011
The crude also rises
The size of the +6.2m bbl headline build this week surprised to the upside. The build was the largest since July 2010. Driving the build in crude stocks was a 1.2 mb/d jump in crude imports, which rose to 9.3 mb/d, while crude runs were little changed at 14.1 mb/d. What is particularly significant about the build is that it more than offsets last week’s much-vaunted -2.3m bbl draw. The headline crude build stands in contrast to the -0.7m bbl draw in Cushing. Barring a repeat of the summer of 201.....