:: Reports --- ID :: 14653
EIA reports a drop in crude, Gasoline stocks rise.
A Bullish report

By Srinivas Chowdary Sunkara // petrobazaar // 04-01-18.

 

EIA WEEKLY PETROLEUM STATUS REPORT FOR THE WEEK ENDING 29-12-17.


U.S OIL INVENTORIES:

Crude oil stocks were reported to be down by 7.4Mb at 424.5 Mb, a dip of 1.7% from last week. Stocks are slid by 11.4% from 479 Mb levels in 2016 a year ago. Mid West Inventories are drawn heavily by 3.5Mb followed by Cushing. A Notable increase of 4.8Mb in motor Gasoline stocks which are at 233.2Mb, up 4.8% from previous year's levels. Distillate Fuel oil stocks are increased by 8.9Mb at 138.8Mb, Residual Fuel oil are slid by 1Mb while Propane/Propylene stocks are decreased by 0.7Mb coming altogether the total stocks inched up by 1.2Mb.

 

U.S OIL IMPORTS

 

Commercial crude oil imports are down by 27Kbpd. Mid West imported a larger volumes of crude followed by  West Coast while East Coast, Gulf Coast and Rocky Mountain  crude imports have fallen down. Motor gasoline imports were down by 39K compared to previous week, Distillates imports have fallen down by 110K. Export volumes of crude boosted by 265K and product exports have come down by 1.117Mb this week.

 

U.S REFINING ACTIVITIES

 

Total crude oil inputs put into processing were stood at 17.608 Mbs, an increase of  0.21 Mbs from previous week. A lion share of 9.472 Mbs were utilised in Gulf Coast followed by Midwest with 3.840Mbs utilisation. Refinery Operable capacity was flat lined at 18.503Mbs, an increase of 0.2 percentage from previous year. Gulf Coast utilised 97.9% of refining capacity followed by Mid West with 95.8%.

 

U.S PRODUCTION

 

Crude oil production in U.S is at 9.782Mbpd, 28Kbpd increase from previous week. U.S production is expected to reach 10Mbpd in very near term. Finished motor gasoline production was decreased by 844Kbpd at 9.682Mbpd.

 

Conclusion:

 

A large draw in crude stocks along with an increased product stocks will aid oil prices. A dip in crude and product imports while export numbera are upside for both  indicates the situation of reaching nearby 10Mbpd by Jan end. A positive note on flat lined refinery operable capacity is supporting the increased U.S prodution. An increase in U.S production is expected to undermine the efforts of OPEC producers which is promoting the bearish movement in the market.

 

courtesy source:EIA.