CRUDE OIL INVENTORIES WEEK ENDING 01/15/21

by | Jan 22, 2021

Crude: 4.351M
Cushing: -4.727M
Gasoline: -0.260M
Distillates: 0.458M

Despite the build in crude stocks looking “ungood” on the outset, this is actually a good report. This is the first build we have had in 6 weeks, however, this was mostly due to the fact that exports minus imports were + 4.0 M barrels over last week. We have been needing a big draw in Cushing (the actual CME WTI contract) which we got this week.; although we are still on the high end for this time of year, now back into the 5-year average. After 2 weeks of big product builds, this week we saw a small draw in gasoline with refineries running at 82.5% which is great to see. Distillates had a negligible build leaving us at just 8% above the five-year average for this time of year. Propane had another huge draw this week at -6.2M barrels, again great news for NGL (natural gas liquids) producers (see Antero Resources (AR) position).

EIA PETROLEUM INVENTORIES VS INVENTORIES FOR THE SAME WEEK -ENDING IN PRIOR YEARS

Source: The Fundamental Angle

REFINERY UTILIZATION

Source: Oil Sands, EIA

TOTAL COMMERCIAL CRUDE OIL INVENTORIES

Source: Oil Sands, EIA

CRUDE OIL INVENTORIES — CUSHING, OK

Source: Oil Sands, EIA

CRUDE BALANCE VS INVENTORIES

Source: Oil Sands, EIA

GASOLINE BALANCE VS INVENTORIES

Source: Oil Sands, EIA

DISTILLATE BALANCE VS INVENTORIES

Source: Oil Sands, EIA

EIA

U.S. crude oil refinery inputs averaged 14.8 million barrels per day during the week ending
January 15, 2021 which was 110,000 barrels per day more than the previous week’s average.
Refineries operated at 82.5% of their operable capacity last week. Gasoline production increased
last week, averaging 8.9 million barrels per day. Distillate fuel production decreased last week,
averaging 4.5 million barrels per day.
U.S. crude oil imports averaged 6.0 million barrels per day last week, down by 194,000 barrels
per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7
million barrels per day, 11.8% less than the same four-week period last year. Total motor
gasoline imports (including both finished gasoline and gasoline blending components) last week
averaged 504,000 barrels per day, and distillate fuel imports averaged 460,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
increased by 4.4 million barrels from the previous week. At 486.6 million barrels, U.S. crude oil
inventories are about 9% above the five year average for this time of year. Total motor gasoline
inventories decreased by 0.3 million barrels last week and are about 3% below the five-year
average for this time of year. Finished gasoline inventories increased while blending components
inventories decreased last week. Distillate fuel inventories increased by 0.5 million barrels last
week and are about 8% above the five year average for this time of year. Propane/propylene
inventories decreased by 6.2 million barrels last week and are about 11% below the five year
average for this time of year. Total commercial petroleum inventories decreased by 0.7 million
barrels last week.
Total products supplied over the last four-week period averaged 18.9 million barrels a day, down
by 5.3% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 7.8 million barrels a day, down by 9.0% from the same period last year.
Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks,
down by 0.3% from the same period last year. Jet fuel product supplied was down 31.7%
compared with the same four-week period last year.

LINK TO FULL REPORT HERE