US DATA: Crude stocks rise for first week in nine as imports hit 1-year high

21 Jul 2021

Quantum Commodity Intelligence - Total crude and product stocks rose 4.4 million barrels last week, with crude rising 2.1 million barrels alone in a week where US crude production flatlined at 11.4 million bpd.

Specifically, gasoline, diesel and fuel oil stocks were down, while jet, propane and ethanol rose, according to weekly data by the EIA.

This was the first rise in stocks of commercial crude in the world's biggest consuming nation in nine weeks, according to the data, as refinery utilization fell for the third straight week. At 91.4%, it is the lowest utilization rate since the start of June.

The crude stock gain coincided with the largest weekly import figure in over a year, with 7.1 million bpd brought into the country, up 876,000 bpd on the week and a figure not surpassed since the start of July 2020.

Meanwhile, exports dropped 1.56 million bpd to 2.46 million bpd, leaving net imports at the lowest since December at 4.63 million bpd.

At 9.77 million barrels per day, gasoline production was down 43,000 bpd on the week and at the lowest level in eight weeks.

Meanwhile, domestic deliveries of gasoline grew a modest 12,000 bpd to 9.3 million bpd and stocks were drawn by 121,000 barrels to 236.4 million barrels.

Distillate deliveries were sharply higher, gaining 761,000 bpd on the week to 3.93 million bpd, but the move was a return towards the mean with the prior week figure the lowest seen since the week ending January 1 this year.

Stocks of ethanol also grew by the largest weekly amount since March 2020 with a 1.38 million bpd gain, to a 5-month high of 22.52 million barrels.

Key stock figures

Commercial crude and product stocks: 1897 m barrels, +4.4 m barrels on week
Commercial crude stocks: 440 m barrels, +2.1 m barrels on week
Strategic crude stocks: 621 m barrels, 0.0 m barrels on week
Gasoline stocks: 236 m barrels, -0.1 m barrels on week
Middle distillate stocks: 141 m barrels, -1.3 m barrels on week
Jet stocks: 45 m barrels, +0.6 m barrels on week
Diesel stocks: 129 m barrels, -2.1 m barrels on week
Residual fuel stocks: 29 m barrels, -2.0 m barrels on week
Propane/propylene stocks: 63 m barrels, +3.1 m barrels on week
Ethanol stocks: 23 m barrels, +1.4 m barrels on week

Key demand figures

Total oil products: 20.6 million bpd, +1.28 million bpd on week
Gasoline: 9.3 million bpd, +0.01 million bpd on week
Jet: 1.4 million bpd, -0.15 million bpd on week
Middle distillates: 3.9 million bpd, +0.76 million bpd on week
Residual fuels: 0.5 million bpd, +0.26 million bpd on week
Propane/propylene: 0.8 million bpd, -0.33 million bpd on week

Key production and trade figures

Crude production: 11.4 million bpd, 0.0 million bpd on week
Crude imports: 7.1 million bpd, +0.88 million bpd on week
Crude exports: 2.5 million bpd, -1.56 million bpd on week
Product imports: 2.6 million bpd, +0.15 million bpd on week
Product exports: 5.5 million bpd, -0.07 million bpd on week