EIA Weekly Petroleum Data Recap
EIA Weekly Petroleum Data Recap
Tom Pawlicki
- Energy
EIA Weekly Petroleum Data Recap
By: Tom Pawlicki, Senior Specialist, Market Intelligence
-Crude oil stocks fall more than expected
-Gasoline stocks rise rather than fall as expected
-Gasoline demand decreased
-Distillate stocks rise rather than fall as expected
Crude oil stocks were down 7.974 mln bbls in the week ending May 29 and compared to a decrease of 4.007 mln bbls expected. Compared to the five-year average, crude inventories moved to a deficit of 15.416 mln bbls from a deficit of 9.188 mln bbls last week. Refinery inputs were down 0.090 mln bpd and added to inventories, while net exports were up 0.249 mln bpd and subtracted. Imports rose 1.185 mln bpd while exports increased 1.434 mln bpd. Cushing stocks were down 0.583 mln bbls to 22.441 mln bbls. The most recent major low at Cushing was made in the w/e January 3, 2025 at 20.038 mln bbls. The four-week average of total demand rose 0.212 mln bpd. The SPR was ‑7.993 mln bbls and compared to -9.063 mln bbls last week. The SPR has fallen 58.323 mln bbls since withdrawals started in the week ending March 20.
Gasoline stocks rose 3.364 mln bbls vs. expectations for a decrease of 0.513 mln bbls. Distillate stocks were up 1.502 mln bbls vs. expectations for a decrease of 0.319 mln bbls. The deficit to the five-year average in gasoline stocks was 10.703 mln bbls compared to a deficit of 12.487 mln bbls last week, while distillates were at a deficit of 12.894 mln bbls compared to a deficit of 12.075 mln bbls last week. Refinery utilization was 94.7% vs. 94.5% last week.
The comparison in the combined balances to the five-year averages of oil, gasoline and distillates was a deficit of 39.013 mln bbls vs. a deficit of 33.750 mln bbls last week.
Weekly gasoline demand was down 0.662 mln bpd while the four-week average decreased 0.055 mln bpd. Distillate demand decreased 0.480 mln bpd, while the four-week average rose 0.027 bpd.
- Energy
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