EIA - Summary of Weekly Petroleum Data for the week ending March 26, 2021 - For one week at least US demand above 2019 levels (although product exports down due to Covid) - details

 EIA - Summary of Weekly Petroleum Data for the week ending March 26, 2021 

US DoE Crude Oil Inventories (W/W) 26-Mar: -876K (est -1500K; prev 1912K) - Distillate: 2542K (est 500K; prev 3806K) - Cushing: 782K (prev -1935K) - Gasoline: -876K (est 700K; prev 204K) - Refinery Utilization: 2.30% (est 1.70%; prev 5.50%)

Small crude draw this week after several weeks of large builds due to the impacts of the winter storms which reverberated well into March. That was offset by another significant build in distillates (despite big increase in demand - as we'll see below products exports fell markedly). Overall, we saw a net draw of 1.347mb across the petroleum complex bringing total stocks to 1,928.098mb excl SPR (1,928.1 including).

Crude - Production edged up 100kbd to 11.1mbd (but still down 1.9mbd y/y). Net imports fell a bit as 583kbd rise in imports more than offset by a big 693kbd increase in exports. Adjustment back in "big" territory at +745kbd showing that keeping track of crude comings and goings remains difficult. Refiners took another 552kb over last week bringing them to right about year ago levels. The small draw kept crude inventories at 6% above the 5-yr average.

Products - Draws seen in gasoline, ethanol, and propane, builds in the other categories. Gasoline inventories are now 4% below 5-yr avg (was 3% last week), distillates are now 4% above (was 1%), and propane is 18% below (was 13%).  Bigger story was demand which increased across most products  bringing it actually above 2019 levels for this week (see chart below):

US implied oil demand (product supplied) rose by 1.611mbpd w/w to 20.313mbpd last week
w/w changes by product in kbpd
gasoline +275
jet fuel +324
distillate +521
residual fuel oil -135
propane/propylene +491
other oils +135kbpd

Total Demand

I noted big decrease in product exports as Covid impacts int'l products usage. They were down by 968kbpd w/w to 4.254mbpd.

This is the last week I'll report 4-week moving average y/y changes due to the influence of the pandemic, but as of this week total demand remains down by 4.9% (but was 10.7% last week) due to the big drag of jet fuel with gasoline up 0.1%, jet fuel -30.2%, distillate +0.7%, propane +9.1%, and other -16.3%.

To see more content, including summaries of some of today's economic reports and my nightly Summary go to https://sethiassociates.blogspot.com


Here's selected inventories





































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