Weekly Oil Data
Inventories, Exports, Imports, and Refinery Utilization
MAIN TAKEAWAYS
Last week, we said that the impact of the brutal winter storm on the oil and gas industry was going to last around 2-3 weeks. We also noted that gasoline & distillate inventories were expected to decline further in the next two weeks, while distillate supplies were likely to remain low throughout the first quarter. Today’s EIA inventory report proves that all our takeaways were spot on.
Our main takeaway for today is that distillate inventories will turn into a serious concern this winter, and the only way out will be through a recession.
IN DETAIL
The Energy Information Administration (EIA) reported an increase in commercial crude oil inventories by 1.7 million barrels (mb) to 420.6 mb. The EIA also reported a decline in gasoline inventories by 0.3 mb to 222.7 mb and a drop in distillate inventories by 1.4 mb to 118.8 mb. Tables (1) and (2) sum up the changes.
Table (1)
Key Oil Inventory Data and Refinery Crude Inputs (all mb/d except SPR in mb)
Source: EIA, 2023 and EOA, 2023
Table (2)
US Crude Oil Imports and Exports, and Petroleum Products Demand (mb/d)
Source: EIA, 2023 and EOA, 2023