24/12/11
US road fuel stocks highest since September
US road fuel stocks highest since September
Houston, 11 December (Argus) — 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% —
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