EIA: Gasoline Supply Posts Surprise Draw, Demand Up 3rd Wk
OAKHURST, N.J. (DTN) — Energy Information Administration data detailed a 14th straight weekly build in commercial crude supply while gasoline inventory unexpectedly fell for the first time in five weeks and distillate supply rose for a fourth week in the week ended April 24.
EIA reported commercial crude oil inventories rose 9 million bbl in the week profiled to 527.6 million bbl, the highest level since the week of April 28, 2017 at 527.772 million bbl while about 10% above the five-year average.
At the key Cushing supply depot in Oklahoma, the delivery location for the New York Mercantile Exchange West Texas Intermediate futures contract, inventory increased for an eighth consecutive week, up 3.637 million bbl to 63.3678 million bbl, the most on-hand since the week ended Nov. 3, 2017 at 64.559 million bbl.
In the Strategic Petroleum Reserve, EIA reported a build of 1.15 million bbl to 636.117 million bbl, the first supply change in over four months and suggesting the first of deliveries in the Department of Energy’s recent storage deals.
Agency data show U.S. crude oil refinery inputs averaged 12.8 million bpd during the week ended April 24, 305,000 bbl bpd more than the previous week while 22.4% lower than a year earlier. Domestic production fell 100,000 bpd to 12.1 million bpd, the lowest since July 2019.
EIA reported domestic refineries moved off the lowest level since Sept. 2008, rising 2% to a three-week high at 69.6% in the week-ended April 24.
U.S. crude oil imports averaged 5.3 million bpd during the week profiled, up 365,000 bpd versus the previous week. Over the last four weeks crude oil imports averaged about 5.4 million bpd, 19.7% less than the same four weeks in 2019.
The data showed crude oil exports for the week reviewed at 3.302 million bpd, up from 2.890 million bpd the week earlier while 691,000 bbl more than the same week in 2019. During the four weeks ended April 24, exports averaged 3.115 million bpd versus 2.511 million bpd in the same four weeks last year.
EIA reported total motor gasoline inventories fell for the first time in over a month, down 3.7 million bbl to 259.6 million bbl yet were at a better than 14% year-over-year supply surplus.
Gasoline production continued to increase, up 8.5% to 6.735 million bpd in the week profiled, a four-week high but 32.2% below the same time in 2019. Total motor gasoline imports, which include both finished gasoline and gasoline blending components, again declined, falling 140,000 bpd last week to 228,000 bpd.
Data showed implied gasoline gained for a third straight week, up over 10% or 549,000 bpd to 5.860 million bpd, yet down 36.5% from the same week in 2019. For the four weeks ended April 24, implied gasoline demand at 5.329 million bpd was 43.7% below the corresponding four-week period last year. Cumulative daily average demand for the week reviewed was at 7.927 million bpd, 13.2% lower than the same timeframe last year.
Distillate fuel inventories posted a fourth weekly gain, surging 5.1 million bbl to 142 million bbl, the highest level since the week-ended Jan. 31 yet about 4% below the five-year average.
Distillate fuel production dipped less than 1% to 4.982 million bpd last week, 2.8% below this time a year ago. Distillate fuel imports rose 129,000 bpd to 235,000 bpd on the week.
Implied demand for distillates again gained, up 36,000 bpd to 3.164 million bpd as of April 24, 25% lower than the same week in 2019. Four-week average distillate fuel oil demand at 3.214 million bpd was 15.1% less than the same period in 2019 while cumulative daily average demand at 3.758 million bpd was 8.6% lower than the same period a year earlier.
Total commercial petroleum inventories rose 10.4 million bbl last week, data shows. Total products supplied over the last four-week period averaged 14.5 million bpd, down 28% from the same period a year earlier.
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