EIA DATA: Crude stocks fall on higher refinery runs, slump in imports
Quantum Commodity Intelligence - US commercial crude inventories drained 5.4 million barrels in the week to 11 November as runs ticked up and imports fell, according to the latest EIA data Wednesday, in addition to a 4.1 million fall in strategic reserves.
It pushed total US stocks down 9.5 million barrels – the largest weekly draw in three months – to a 21-year low 827.5 million barrels.
Commercial stocks fell to a six-week low 435.4 million barrels, broadly flat with the same time last year.
US strategic stocks currently stand at a 38-year low 392 million barrels.
Around a third of US strategic stocks have been sold this year in an attempt by the US administration to keep crude prices low by alleviating global supply issues.
The Department of Energy will release its final tranche of the original 180 million barrels planned sale next month, and said recently it remained ready to increase sales this winter if needed "due to Russian or other actions disrupting global markets."
The administration has pegged a repurchase price of $67-72/b.
Stocks fell last week as refineries increased activity as seasonal maintenance draws to a close, with US run rates hitting an 8-week high 16.15 million bpd with operating capacity at 92.9%.
Crude imports also slumped, dropping 14% on the week to an 18-month low 5.6 million bpd.
And exports increased nearly 10% over the week to 3.9 million bpd.
Key stock figures (million barrels)
Commercial crude and product stocks: 1609 m barrels, -10.6 m barrels on week.
Commercial crude stocks: 435 m barrels, -5.4 m barrels on week.
Strategic crude stocks: 392 m barrels, -4.1 m barrels on week.
Gasoline stocks: 208 m barrels, +2.2 m barrels on week.
Middle distillate stocks: 107 m barrels, +1.1 m barrels on week.
Jet stocks: 37 m barrels, +0.3 m barrels on week.
Diesel stocks: 96 m barrels, +0.4 m barrels on week.
Residual fuel stocks: 29 m barrels, -0.9 m barrels on week.
Propane/propylene stocks: 88 m barrels, +0.1 m barrels on week.
Ethanol stocks: 21 m barrels, -0.9 m barrels on week.
Key demand figures (million barrels per day)
Total oil products: 21.1 million bpd, -0.18 million bpd on week.
Gasoline: 8.7 million bpd, -0.27 million bpd on week.
Jet: 1.6 million bpd, +0.1 million bpd on week.
Middle distillates: 3.9 million bpd, -0.3 million bpd on week.
Residual fuels: 0.4 million bpd, +0.07 million bpd on week.
Propane/propylene: 0.9 million bpd, -0.26 million bpd on week.
Key production and trade figures (million barrels per day)
Crude production: 12.1 million bpd, 0.0 million bpd on week.
Crude imports: 5.6 million bpd, -0.9 million bpd on week.
Crude exports: 3.9 million bpd, +0.34 million bpd on week.
Product imports: 2.3 million bpd, +0.16 million bpd on week.
Product exports: 6.0 million bpd, -0.15 million bpd on week.
