CRUDE OIL INVENTORIES WEEK ENDING 02/05/2021

by | Feb 10, 2021

Crude: -6.644M

Cushing: -0.658M

Gasoline: 4.259M

Distillates: -1.731M

Great report again this week. Another gasoline build, but again, not unusual for this time of year, we are still in-line with inventories this same week in the 5 prior years. Refinery utilization was up slightly this week AT 83%, which accounts for a bit of that gasoline build. Nice distillate draw with week, I noted last week that I was looking for a bigger draw. Imports were down – 4.550M this week versus last week and exports down -6.062M over last week. There was a small SPR draw of 168K barrels that got placed into commercial crude stocks. Propane, another huge draw at -4.5M, putting us 9% below the 5-year average. This is a strong report for E&P’s and service companies in particular.

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

TOTAL PRODUCTS CONSUMEDIMPLIED DEMAND

Source: Oil Sands, EIA

EIA

U.S. crude oil refinery inputs averaged 14.8 million barrels per day during the week ending
February 5, 2021 which was 152,000 barrels per day more than the previous week’s average.
Refineries operated at 83.0% of their operable capacity last week. Gasoline production increased
last week, averaging 8.7 million barrels per day. Distillate fuel production increased last week,
averaging 4.7 million barrels per day.
U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.7 million
barrels per day from the previous week. Over the past four weeks, crude oil imports averaged
about 5.9 million barrels per day, 12.0% less than the same four-week period last year. Total
motor gasoline imports (including both finished gasoline and gasoline blending components) last
week averaged 657,000 barrels per day, and distillate fuel imports averaged 356,000 barrels per
day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
decreased by 6.6 million barrels from the previous week. At 469.0 million barrels, U.S. crude oil
inventories are about 2% above the five year average for this time of year. Total motor gasoline
inventories increased by 4.3 million barrels last week and are about 0% below the five year
average for this time of year. Finished gasoline and blending components inventories both
increased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are
about 7% above the five-year average for this time of year. Propane/propylene inventories
decreased by 4.5 million barrels last week and are about 9% below the five year average for this
time of year. Total commercial petroleum inventories decreased by 11.2 million barrels last
week.
Total products supplied over the last four-week period averaged 19.5 million barrels a day, down
by 5.8% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 7.9 million barrels a day, down by 10.1% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up
by 1.9% from the same period last year. Jet fuel product supplied was down 33.7% compared
with the same four-week period last year

LINK TO FULL REPORT HERE

DAILY SENTIMENT INDEX