DOE CRUDE STATS
| March 16, 2011
An undemanding week for products
DOE CRUDE STATS An undemanding week for products Motor gasoline and distillate stocks fell this week, though crude saw a net build, as runs increased and crude imports poured into PADD III . Total commercial inventories in the US drew -5.1m bbl, owing to the general decline in product stocks. US commercial inventories have declined rapidly since their peak this year of 1.08b bbl the first week of February, which was an all-time seasonal high. Apparent finished motor gasoline demand fe.....
DOE CRUDE STATS
| March 09, 2011
Pushing Cushing Upwards
DOE CRUDE STATS Pushing Cushing upwards This week’s data showed stock levels at Cushing surging to a new high as total US crude stocks built +2.5m bbl, while apparent distillate demand increased and apparent gasoline demand remained strong on the week. Cushing storage built +1.69m bbl, though total stocks in PADD II were flat. The fact that Cushing built even before maintenance season gets fully underway bodes ill for containment issues moving into the springtime, when inventories at t.....
DOE CRUDE STATS
| March 02, 2011
Cognitive dissonance
DOE CRUDE STATS Cognitive dissonance This week’s EIA report provides a set of distinctly mixed messages. Overall US commercial petroleum inventories continued to fall to Earth, but Cushing and PADD II crude stocks reached new highs once more. Midcontinent refiners are taking advantage of big WTI discounts and trying to stave off the impending maintenance season, US refiners more broadly are plunging into the depths of a significant maintenance season. Total apparent demand (product.....
DOE CRUDE STATS
| February 24, 2011
Midcontinent maintenance
DOE CRUDE STATS Midcontinent maintenance This week’s apparent demand estimates show gasoline and distillate moving in opposite directions, with gasoline up 290 kb/d on the week and distillate down 330 kb/d. Though these estimates would be suggestive of impending gasoline strength, we are taking them with a grain of salt as they cover a period ahead of a holiday weekend, when refiners were likely to push additional gasoline out to wholesalers and to dial back distillate sales a bit (appar.....
DOE CRUDE STATS
| February 16, 2011
Conspiracy theories
DOE CRUDE STATS Conspiracy theories From the demand estimates to storage numbers, this week’s EIA stats are filled with interesting points. Apparent demand for key products gained considerably as drivers enjoyed a week devoid of major snowstorms. The storage numbers should grab most attention, particularly the +250k bbl build at Cushing, which should continue to weigh on the front of the WTI curve. The opening of the Keystone extension to Cushing will likely garner most credit for ri.....
DOE CRUDE STATS
| February 09, 2011
Can Cushing Clean Up?
DOE CRUDE STATS Can Cushing clean up? Total apparent demand (product supplied) jumped 0.5 mb/d, but the increase was mostly attributable to a 0.55 mb/d gain in other oils. Both gasoline and distillate apparent demand have continued to sputter along, hindered by a winter of repeated snowstorms disrupting ground travel; four-week average demand for the two products are basically flat with last year’s very low levels. Meanwhile, Cushing abruptly reversed the past two weeks of contraseasonal.....
DOE CRUDE STATS
| February 02, 2011
Does it take PADD II to contango?
Does it take PADD II to contango? Apparent demand estimates continued to exhibit weakness across the board this week. Only distillate demonstrated significant w-o-w gains (+180 kb/d), though four-week average apparent distillate demand continues to plumb the depths of 2009-10 levels. Meanwhile, a surge of gasoline imports contributed to a big +6.2m bbl build of gasoline inventories to a new record above 236m bbl. But the market’s attention will likely remain focused on Cushing crude inventor.....
DOE CRUDE STATS
| January 26, 2011
January 26, 2011
DOE CRUDE STATS 1/21/11 1/14/11 w.o.w. Bloomberg Median US crude inventories 340.6 335.7 4.84 1.20 Cushing crude inventories 37.7 36.8 0.86 US gasoline inventories 230.1 227.7 2.40 2.30 US distillate inventories 165.7 165.8 (0.10) (0.50) US refinery input 14,127 14,339 (212) US crude imports 9,385 8,999 386 Please see attached PDF file for detailed stats and charts. There will be no commentary today.
DOE CRUDE STATS
| January 20, 2011
Gasoline yields bounce back
Gasoline yields bounce back This week’s stats present a mixed bag for WTI . The headline Cushing draw should help alleviate some concern of a storage buildup ahead of the PADD II maintenance season. But this week’s imports into the region touched 1.47 mb/d – despite lost production from CNR’s Horizon Oil Sands project – which should stoke fears that the buildup of crude inventories in Canada is working its way down into the region. Meanwhile, the EIA issued yet another set of relatively w.....
DOE CRUDE STATS
| January 12, 2011
Mogas, mo problems
DOE CRUDE STATS Mogas, mo problems The first week of 2011 opened the year with some tepid apparent demand estimates along with a sizeable gasoline inventory build that again casts doubts on the very strong gasoline demand estimates that closed out 2010. Total product supplied (apparent demand) dropped 100 kb/d w-o-w to 19 mb/d, largely due to a 170 kb/d decline in distillate demand. This week’s severe winter weather snarled travel yet again, so the string of weak demand data is likely to.....