US road fuel stocks highest since September

Spanish Market: Oil products
11/12/24

US road fuel stocks last week rose to the highest since September, even as demand climbed, according to US Energy Information Administration (EIA) data.

US gasoline stocks in the week ended 6 December rose to 219.7mn bl, up by 2.4pc from a week earlier and the highest inventory level since the week ended 27 September. Compared with a year earlier, gasoline stocks were down by 1.9pc..

US gasoline product supplied, a proxy for demand, rose for a third consecutive week to 8.81mn b/d, notching a 0.8pc increase on the week, but falling by 0.6pc on the year.

Average US retail gasoline prices slipped by 2.6¢/USG to $3.008/USG in the week ended 9 December, the eighth-consecutive weekly drop, according to an earlier EIA report.

Weekly EIA demand data is prone to sharp swings, while EIA monthly data, released with a lag, provides a more accurate picture of US demand. The four-week average of combined product supplied and exports was 9.6mn b/d, a 1.8pc decrease from the previous four-week average but up by 0.6pc from the average a year earlier.

US gasoline exports last week averaged 1.04mn b/d, growing by 4.5pc from a week earlier but dipping by 8.1pc on the year. Imports fell by 9.2pc on the week to 464,000 b/d and lagged behind year earlier levels by 35pc.

Diesel stocks up

US ultra-low sulphur diesel (ULSD) stocks increased to 112.9mn bl, up by 3.2mn bl on the week and the highest inventory level since 20 September. ULSD stocks were up by 8.5mn bl from the same week in 2023.

Distillate fuel oil product supplied, which includes ULSD and high sulphur fuel oil, rose on the week by 1.5pc to 3.45mn b/d, rebounding from the prior week's decline. Still, this was down by 8.5pc from a year earlier.

The implied demand for distillate fuel oil, calculated using the four-week average of combined product supply and exports, stood at 5mn b/d last week. This was down by 1.8pc from the previous week but up by 2.9pc from a year earlier.

Exports of US distillate fuel oil dropped on the week by 5.1pc to 1.47mn b/d but rose by 22pc from the same week last year. ULSD imports rose by 33pc to 154,000 b/d, the highest imports since 1 November, but decreased by 25pc from a year earlier.

US jet fuel stockpiles increased to 41.9mn bl, up by 0.6pc from the previous week and up by 14pc from the same week in 2023. Increased jet fuel stocks come as US airline passenger traffic declined last week from a three-month high, falling by 0.2pc to 17.3mn passengers, according to Transportation Security Administration data.

Refinery runs fall

US gross refinery crude inputs dropped last week by 0.9pc to 16.9mn b/d, easing from a three-month high, but inputs were up by 2.8pc from the same week in 2023.

Refinery utilization rates declined on the week by 0.9 percentage points to 92.4pc. Still, this refinery rates were up by 2.2 points compared to a year earlier.

By Zach Appel and Hunter Fite

EIA weekly refined products data

Stocks mn bl	6-Dec	29-Nov	±%	Year ago	±%
Gasoline	219.7	214.6	2.4%	224.0	-1.9%
Jet	41.9	41.7	0.6%	36.8	13.7%
Distillate fuel	121.3	118.1	2.7%	113.5	6.9%
-- ultra low-sulphur (<= 15ppm sulphur)	112.9	109.7	2.9%	104.4	8.1%
Imports '000 b/d
Total products	1,546	1,479	4.5%	1,976	-21.8%
Gasoline	464	511	-9.2%	715	-35.1%
Jet	160	75	113.3%	84	90.5%
Distillate fuel	154	116	32.8%	205	-24.9%
Exports '000 b/d
Total products	6,906	7,542	-8.4%	6,553	5.4%
Gasoline	1,039	994	4.5%	1,131	-8.1%
Jet	219	381	-42.5%	183	19.7%
Distillate fuel	1,471	1,550	-5.1%	1,208	21.8%
Refinery usage
Refinery inputs '000 b/d	16,933	17,094	-0.9%	16,476	2.8%
Refinery utilisation %	92.4	93.3	-1.0%	90.2	2.4%
Products supplied '000 b/d
Total products	20,158	19,968	1.0%	21,079	-4.4%
Gasoline	8,810	8,738	0.8%	8,859	-0.6%
Jet	1,841	1,610	14.3%	1,871	-1.6%
Distillate fuel	3,450	3,398	1.5%	3,770	-8.5%
— US Energy Information Administration

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