EIA - Summary of Weekly Petroleum Data for the week ending January 15, 2021

 EIA - Summary of Weekly Petroleum Data for the week ending January 15, 2021 

US DoE Crude Oil Inventories (W/W) 15-Jan: +4352K (est -1675K; prev -3248K)
- Distillate: +457K (est +1800K; prev +4786K)
- Cushing: -4727K (prev -1975K)
- Gasoline: -259K (est +2425K; prev +4395K)
- Refinery Utilization: +0.50% (est -0.50%; prev +1.30%)
- Propane -6200K (prev -9900K)

EIA comes in as API did with a big unexpected build in crude but little better than expected on the products front incl another large propane draw as well as a 1.1mb draw from "Other".  Total petroleum inv's (all products plus crude) decreased by 700kb.

Crude - Build was a result of a large decrease in exports (-760kbd) which was predicted by more than a few commentators I follow as loadings were pushed off for various technical reasons. If they're accurate, we should see a big increase in exports in 1-3 weeks. Otherwise, production was flat, imports a little lower, refinery throughput a little higher, adjustment ticked back up. What caught my eye was another (larger) draw from Cushing, which indicates that floating and other more expensive storage is becoming more scarce. This is bullish for WTI.

Products - Despite lockdowns, demand for gasoline and distillates increased for a 2nd straight week (see below). Restrictions still putting a crimp on overall gasoline demand which cont's to run 9% below last year levels, but all the shipping, etc., is supporting distillates such that they are basically flat y/y (down 0.3%). Jet fuel cont's to lag down 31.7%. Inventories are now to 3% above (was 1% last week) over 5-yr avg for gasoline, 8% (was 9%) distillates, -11% (was -12% prev) propane. Overall W/w changes in demand were: 

Gasoline +580
Jet fuel -381
Distillate +212
Residual fuel oil -66
Propane/Propylene -225
other oils -84

Inventory charts starting to look more normal




Total Demand


Details






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