EIA ANALYSIS: US crude stocks up on import surge, drop in inputs
New York (Platts)--26Jan2011/230 pm EST/1930 GMT
US crude stocks climbed a larger-than-expected 4.836 million barrels
the week ending January 21 on an increase in imports and a decrease in
refinery inputs, an analysis of the data released Wednesday by the
Energy Information Administration showed.
Analysts polled by Platts had projected a build of 1.7 million barrels.
At 340.565 million barrels, US crude stocks were 19.669 million barrels
above the five-year average and 13.888 million barrels above year-ago
levels.
The bulk of the stock build was concentrated in the Gulf Coast region,
where inventories increased 5.898 million barrels to 166.374 million
barrels. Imports there surged 599,000 b/d to 5.985 million b/d while
crude inputs to refineries dropped 113,000 b/d to 7.244 million b/d.
Crude inputs to US refineries were down 212,000 b/d to 14.127 million
b/d, reflecting planned and other maintenance.
US crude imports climbed 386,000 b/d to 9.385 million b/d as tankers
that sat out at sea end-2010 due to tax considerations continued to
offload cargoes.
Crude stocks were up in every region except the West Coast where
inventories fell 3.026 million barrels to 46.106 million, the lowest
level since January 29, 2010. Crude stocks in transit from Alaska fell
to 1.3 million barrels from 2.54 million barrels, reflecting a shutdown
on the Trans Alaska Pipeline System earlier this month.
Crude stocks at Cushing, Oklahoma -- home of the NYMEX delivery point
for the exchange's contract -- jumped 862,000 barrels to 37.667 million
barrels, just 278,000 barrels off the all-time high posted the week
ending May 14, 2010.
While demand by refiners for crude barrels sagged, so too did product
consumption. US oil demand fell 301,000 b/d to 18.888 million b/d
week-over-week with gasoline demand taking the biggest hit. On a
four-week moving average, US oil demand at 19.053 million b/d was up
300,000 b/d from the same four weeks in 2010, but down 460,000 b/d from
EIA's previous report. In the past three weeks, US oil demand on a
four-week moving average has declined 982,000 b/d.
Gasoline demand on a four-week moving average at 8.77 million b/d was
just 94,000 b/d above year-ago levels. Week-over-week, gasoline demand
declined 144,000 b/d to 8.632 million b/d, a reflection of severe winter
storms across the US, but a seasonal occurrence.
The drop in gasoline demand contributed to a 2.404 million-barrel build
in inventories and stocks rose despite a drop in imports and production.
At 230.074 million barrels, gasoline stocks were 6.706 million barrels
above the five-year average and 647,000 barrels above year-ago levels.
While gasoline stocks increased, inventories of middle distillates
declined 140,000 barrels, way below expectations for a drop of 900,000
barrels. The drop in middle distillates was concentrated in heating oil,
in line with seasonal tendencies. Stocks of heating oil fell 1.561
million barrels to 41.977 million barrels while inventories of ULSD rose
2.415 million barrels to 112.093 million barrels.
And total US product stocks edged down 2.44 million barrels to 728.803
million barrels, reflecting a drop in inventories of propane, propylene
and "other oils." But product stocks are 25.408 million barrels above
the five-year average and 10.22 million barrels above year-ago levels.
--Linda Rafield,
linda_rafield@platts.com
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