US DATA: Crude stocks hit 17-month low, gasoline demand soars above 2019 levels

Quantum Commodity Intelligence – Commercial crude stocks in the US dropped 6.9 million barrels in the week ending July 2, hitting a 17-month low of 445.476 million barrels, compared to an expected 4.7 million to 8 million barrel draw.

Crude production was also at a 14-month high of 11.3 million barrels per day (bpd), up 200,000 bpd on the week, while net imports grew 21% on the week to 3.247 million bpd, EIA data showed.

Gasoline stocks fell 6.1 million barrels to 235.497 million barrels, compared to industry forecasts of between a 2.2 million barrel draw and a 2.7 million barrel build.

Meanwhile, gasoline deliveries, a proxy for domestic demand, grew by 870,000 bpd from the prior week to 10.043 million bpd, as US drivers took to the road for the July 4 holiday.

This was 289,000 bpd above the 2019 equivalent level, just the second time post-pandemic deliveries have been above 2019, with the prior record only 85,000 bpd over.

Week ending 02 July 2021

Key stock figures (million barrels)

Commercial crude and product stocks: 1890 m barrels, -11.1 m barrels on week.

Commercial crude stocks: 445 m barrels, -6.9 m barrels on week.

Strategic crude stocks: 621 m barrels, -1.2 m barrels on week.

Gasoline stocks: 235 m barrels, -6.1 m barrels on week.

Middle distillate stocks: 139 m barrels, +1.6 m barrels on week.

Jet stocks: 45 m barrels, +0.4 m barrels on week.

Diesel stocks: 126 m barrels, +2.2 m barrels on week.

Residual fuel stocks: 32 m barrels, +0.5 m barrels on week.

Propane/propylene stocks: 58 m barrels, +0.5 m barrels on week.

Ethanol stocks: 21 m barrels, -0.4 m barrels on week.

Key demand figures (million barrels per day)

Total oil products: 21.5 million bpd, +0.64 million bpd on week.

Gasoline: 10.0 million bpd, +0.87 million bpd on week.

Jet: 1.4 million bpd, -0.06 million bpd on week.

Middle distillates: 3.8 million bpd, -0.33 million bpd on week.

Residual fuels: 0.2 million bpd, -0.16 million bpd on week.

Propane/propylene: 1.1 million bpd, +0.14 million bpd on week.

Key refining figures (million barrels per day)

Net crude input into refineries: 16.1 million bpd, -0.18 million bpd on week.

Utilisation: 92.2%, -0.7% point on week.

Finished gasoline output: 10.2 million bpd, +0.02 million bpd on week.

Jet output: 1.4 million bpd, -0.01 million bpd on week.

Middle distillates output: 5.0 million bpd, -0.06 million bpd on week.

Diesel output: 4.8 million bpd, -0.04 million bpd on week.

Fuel oil output: 0.3 million bpd, +0.08 million bpd on week.

Key production and trade figures (million barrels per day)

Crude production: 11.3 million bpd, +0.2 million bpd on week.

Crude imports: 5.9 million bpd, -0.53 million bpd on week.

Crude exports: 2.6 million bpd, -1.09 million bpd on week.

Product imports: 2.7 million bpd, +0.3 million bpd on week.

Product exports: 5.2 million bpd, +0.21 million bpd on week.