{"id":54363,"date":"2021-03-30T11:58:00","date_gmt":"2021-03-30T15:58:00","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=54363"},"modified":"2021-04-26T12:54:47","modified_gmt":"2021-04-26T16:54:47","slug":"u-s-petroleum-inventory-rise-4-8-million-barrels","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2021\/03\/u-s-petroleum-inventory-rise-4-8-million-barrels\/","title":{"rendered":"U.S. Petroleum Inventory Rise 4.8 Million Barrels"},"content":{"rendered":"<p>According to the Energy Information Administration, U.S. petroleum inventories (excluding SPR) rose by 4.8 million barrels last week to 1.292 billion, and SPR stocks were unchanged. Total stocks stand 2 mmb below the rising, rolling 5-year average and 31.4 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 233 mmb above that average.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12279.jpg\" width=\"496\" height=\"300\" alt=\"Total US Petroleum Stocks \" class=\"aligncenter size-full\" \/><\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Crude Production<\/h2>\n<p>Production averaged 11.0 mmbd last week, up 100,000 b\/d from the prior week. It averaged 10.700 mmbd over the past 4 weeks, off 18.0 % v. a year ago. In the year-to-date, crude production averaged 10.736 mmbd, off 17.5 % v. last year, about 2.3 mmb\/d lower<!--more--><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12280.jpg\" width=\"505\" height=\"295\" alt=\"US Crude Production \" class=\"aligncenter size-full\" \/><\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Other Supply<\/h2>\n<p>I have previously noted in an article how the \u201cOther Supply,\u201d primarily natural gas liquids and renewables, are integral to petroleum supply. The EIA reported that it rose by 13,000 b\/d v. last week to 6.914 mmbd. The 4-week trend in \u201cOther Supply\u201d averaged 6.856 mmbd, off 3.4 % from the same weeks last year. In YTD, they are off 1.5 % from 2020.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12281.jpg\" width=\"505\" height=\"295\" alt=\"Other US Petroleum Supply \" class=\"aligncenter size-full\" \/><\/p>\n<p>Crude production plus other supplies averaged 17.196 mmbd over the past 4 weeks, far below the all-time-high record of 20.213 mmbd.<\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Crude Imports<\/h2>\n<p>Total crude imports rose by 299,000 b\/d last week to average 5.622 mmbd last week. This figure was below the 4-week trend of 5.723 mmbd, which in turn was off 9.5 % from a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12282.jpg\" width=\"505\" height=\"295\" alt=\"US Net Crude Imports \" class=\"aligncenter size-full\" \/><\/p>\n<p>Net crude imports rose by 338,000 b\/d because exports fell by 39,000 b\/d to average 2.481 mmbd. Over the past 4 weeks, crude exports averaged 2.496 mmbd, 6.8 % lower than a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12283.jpg\" width=\"501\" height=\"296\" alt=\"US Crude Oil Exports \" class=\"aligncenter size-full\" \/><\/p>\n<p>U.S. crude imports from Saudi Arabia fell by 28,000 b\/d last week to average 280,000 b\/d. Over the past 4 weeks, Saudi imports have averaged 302,000 b\/d, down 34.8 % from a year ago.<\/p>\n<p>Crude imports from Canada fell by 30,000 b\/d last week, averaging 3.418 mmbd. Imports over the past 4 weeks averaged 3.537 mmbd, off 1.9 % v. a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12284.jpg\" width=\"480\" height=\"288\" alt=\"US Net Oil- Petroleum Imports \" class=\"aligncenter size-full\" \/><\/p>\n<p>Net oil imports averaged 1.253 mmb\/d over the past 4 weeks. That compares to net oil exports of 1.022 mmb\/d over the same weeks last year.<\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Crude Inputs to Refineries<\/h2>\n<p>Inputs rose 957,000 b\/d last week last week averaging 14.389 mmbd. Over the past 4 weeks, crude inputs averaged 12.509 mmbd, off 20.6 % v. a year ago. In the year-to-date, inputs averaged 13.695 mmbd, off 15.0 % v. a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12285.jpg\" width=\"491\" height=\"294\" alt=\"US Crude Input To Petroleum Refineries\" class=\"aligncenter size-full\" \/><\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Crude Stocks<\/h2>\n<p>Over the past 4 weeks, crude oil supply exceeded demand by 1.394 mmb\/d.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12286.jpg\" width=\"492\" height=\"294\" alt=\"Crude Stock Change \" class=\"aligncenter size-full\" \/><\/p>\n<p>Commercial crude stocks 502.7 mmb are now 47.4 million barrels higher than a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12287.jpg\" width=\"490\" height=\"295\" alt=\"US Crude Stocks \" class=\"aligncenter size-full\" \/><\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Petroleum Products<\/h2>\n<p>Given the recent net product stock draws, product demand has exceeded supply by 1.812 mmb\/d.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12288.jpg\" width=\"485\" height=\"294\" alt=\"Petroleum Product Stock Change \" class=\"aligncenter size-full\" \/><\/p>\n<p>Total U.S. petroleum product stocks at 789 mmb are 21 million barrels lower than a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12289.jpg\" width=\"466\" height=\"295\" alt=\"US Petroleum Product Stocks \" class=\"aligncenter size-full\" \/><\/p>\n<p>Product exports rose by 895,000 mmb\/d last week, averaging 5.222 mmbd. The 4-week trend of 4.445 mmbd is off 20.3 % from a year ago. In the year-to-date, exports averaged 4.780 mmbd, off 13.3 % from a year ago.<\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Demand<\/h2>\n<p>Total petroleum demand averaged 18.766 mmbd over the past 4 weeks, off 10.7 % v last year. In the YTD, product demand averaged 19.278 mmbd, off 5.8 % v. the same period in 2020.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12290.jpg\" width=\"479\" height=\"294\" alt=\"US Petroleum Product Demand\" class=\"aligncenter size-full\" \/><\/p>\n<p>Gasoline demand at the primary stock level rose by 231,000 b\/d last week and averaged 8.483 mmbd over the past 4 weeks, off 8.7 % v. the same weeks last year. In the YTD, it reported that gas demand is off 10.1 % v. a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12291.jpg\" width=\"451\" height=\"294\" alt=\"US gasoline Demand \" class=\"aligncenter size-full\" \/><\/p>\n<p>Distillate fuel demand, which includes diesel fuel and heating oil, fell by 436,000 b\/d last week, and averaged 3.974 mmbd over the past 4 weeks, off 1.4 % the same weeks last year. In the YTD, demand is up by 2.8 % v. a year ago.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12292.jpg\" width=\"448\" height=\"294\" alt=\"US Distillate Demand \" class=\"aligncenter size-full\" \/><\/p>\n<p>Jet fuel demand is off 35.4 % over the past 4 weeks v. last year. In the year-to-date, demand was off 30.9 % v. 2019.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12293.jpg\" width=\"446\" height=\"294\" alt=\"US Jet Fuel Demand \" class=\"aligncenter size-full\" \/><\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Product Stocks<\/h2>\n<p>Gasoline stocks are now 7.0 mmb lower than a year ago, ending at 232.3 mmb.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12294.jpg\" width=\"473\" height=\"294\" alt=\"US gasoline Stocks \" class=\"aligncenter size-full\" \/><\/p>\n<p>Distillate stocks are 17.1 mmb higher than a year ago, ending at 141.6 mmb.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/12295.jpg\" width=\"453\" height=\"294\" alt=\"US Distillate Stocks \" class=\"aligncenter size-full\" \/><\/p>\n<h2 style=\"color: #003380; font-size: 20px;\">Conclusions<\/h2>\n<p>The correction in crude v. petroleum product supplies continued. Crude stocks have a sizable surplus v. last year, whereas products have a deficit.<\/p>\n<p>Product demand has not responded much to changes in pandemic conditions, in which retail businesses can operate more fully. There are no indications that demand will return to pre-pandemic levels in the foreseeable future.<\/p>\n<p>Check back to see my next post!<\/p>\n<p>Best,<br \/>\n<a href=\"http:\/\/www.ino.com\/blog\/meet-ino-com-contributor-robert-boslego\/\" target=\"_blank\" rel=\"noopener\">Robert Boslego<\/a><br \/>\nINO.com Contributor - Energies<\/p>\n<p><span style=\"font-size: 12px; font-style: italic;\">Disclosure: This contributor does not own any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>According to the Energy Information Administration, U.S. petroleum inventories (excluding SPR) rose by 4.8 million barrels last week to 1.292 billion, and SPR stocks were unchanged. Total stocks stand 2 mmb below the rising, rolling 5-year average and 31.4 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":27,"featured_media":54366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[28,8457,7224,9075,9432],"class_list":["post-54363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-crude-oil","tag-robert-boslego","tag-the-energy-information-administration-eia","tag-u-s-crude-oil-inventories","tag-u-s-crude-oil-production"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Petroleum Inventory Rise 4.8 Million Barrels - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"According to the EIA, U.S. petroleum inventories rose by 4.8 million barrels last week to 1.292 billion, and SPR stocks were unchanged.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2021\/03\/u-s-petroleum-inventory-rise-4-8-million-barrels\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Petroleum Inventory Rise 4.8 Million Barrels - 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