EIA - Summary of Weekly Petroleum Data for the week ending February 19, 2021

  EIA - Summary of Weekly Petroleum Data for the week ending February 19, 2021 

US DoE Crude Oil Inventories (W/W) 19-Feb: 1285k (est -5190K; prev -7257K) - Distillate: -4969k (est -3746K; prev -3422K) - Cushing: 2807k (prev -3028K) - Gasoline: 12k (est -3062K; prev 672K) - Refinery Utilization: -14.50% (prev 0.1%)

Ok, a lot here. Big picture there was a lot of puts and takes with the weather issues in TX but because of all the refinery closures outside of gasoline we saw big inventory drawdowns totalling 13.8mb across all petroleum products. This basically now eliminates the products surplus from the pandemic.


Crude - As with API saw a build instead of a large draw as predicted. The main issue is that refinery runs were down 2.59mbd w/w due to the weather and power issues in TX while production was only down 1.1mbd. Imports were also down due to port closures, pipeline issues, etc. (down by 1.3mbd), but so were exports (by 1.55mbd) for the same reasons, so small build there also. Adjustment actually smaller than I would have thought given all the craziness actually decreasing to a positive 429kbd. However, as a build is seasonally normal this time of year with refinery maintenance, etc., crude inventories remain at the 5-yr avg.

Products - A lot of demand destruction from the weather (including weirdly propane which makes we wonder if it wasn't more of a getting supply versus not wanting it although it fell last week also), with overall demand decreasing by almost 2mbd to 18.69mb.  Won't go through the y/y differences because of that but as noted despite demand falling due to the refinery issues most inventories fell leaving gasoline inventories 1% above 5-year average, distillates +3% above (was 6%), propane 17% below (was 9%). Overall W/w changes in demand were: 

w/w changes in kbpd by product gasoline -1200 jet fuel -196 distillate -522 residual fuel oil -30 propane/propylene -918 other oils +886

Here's total demand




Here's selected inventories































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