EIA DATA: Commercial crude stocks hit 14-mth high on output, imports
Quantum Commodity Intelligence - US commercial crude stocks rose to a 14-month at the start of November as domestic production rose and exports picked up, more than offsetting a ramp-up in refinery throughput, weekly EIA data showed on Wednesday.
Commercial crude inventories jumped by nearly 4 million barrels in the week to November 4 to 440.76 million barrels, its sharpest weekly build in two months to reach levels last seen in July last year.
However, while commercial stocks rose, SPR barrels fell by a similar amount following President Biden's record stock release this year, keeping overall crude stocks flat on the week at just under 837m barrels.
Commercial stocks are now some 9m barrels below the same week in 2019 while overall stocks are down by over 251m barrels following the sharp draw-down in strategic stock levels.
Inventories rose at the start of the month as crude imports ramped up to a two-month high of 6.45 million bpd, while exports slowed, meaning the net influx of crude rose to a one-month high of 2.93m bpd.
Levels were further boosted as US production levels rose by 200,000 bpd on the week to a two-month high of 12.1m bpd.
Those gains more than offset the ramp-up in refining, which rose back above 16m bpd for the first time since late August, boosting the utilization rate up to 92.1%.
Week ending 04 November 2022
Key stock figures (million barrels)
Commercial crude and product stocks: 1620 m barrels, -4.4 m barrels on week.
Commercial crude stocks: 441 m barrels, +3.9 m barrels on week.
Strategic crude stocks: 396 m barrels, -3.6 m barrels on week.
Gasoline stocks: 206 m barrels, -0.9 m barrels on week.
Middle distillate stocks: 106 m barrels, -0.5 m barrels on week.
Jet stocks: 37 m barrels, +0.6 m barrels on week.
Diesel stocks: 96 m barrels, +0.1 m barrels on week.
Residual fuel stocks: 30 m barrels, 0.0 m barrels on week.
Propane/propylene stocks: 88 m barrels, -0.3 m barrels on week.
Ethanol stocks: 22 m barrels, -0.0 m barrels on week.
Key demand figures (million barrels per day)
Total oil products: 21.3 million bpd, +0.79 million bpd on week.
Gasoline: 9.0 million bpd, +0.35 million bpd on week.
Jet: 1.5 million bpd, +0.24 million bpd on week.
Middle distillates: 4.2 million bpd, -0.1 million bpd on week.
Residual fuels: 0.3 million bpd, +0.07 million bpd on week.
Propane/propylene: 1.2 million bpd, +0.17 million bpd on week.
Key production and trade figures (million barrels per day)
Crude production: 12.1 million bpd, +0.2 million bpd on week.
Crude imports: 6.5 million bpd, +0.25 million bpd on week.
Crude exports: 3.5 million bpd, -0.4 million bpd on week.
Product imports: 2.1 million bpd, +0.25 million bpd on week.
Product exports: 6.2 million bpd, +0.63 million bpd on week.
