EIA Crude Storage Summary - Week of November 28th
Dec-03 17:39By: Erica Blake
Crude Oil
Crude Storage Summary - November 28th
Report Highlights
- EIA reported an 824 Mbbls crude build, which compared against a consensus expectation of 1,543 Mbbls crude draw.
- Cushing crude stocks reported a 457 Mbbls draw week-over-week and now sit at 21 MMbbls, which is below last year’s level and below the bottom of the 5-year range.
- US crude production was largely flat week-over-week, while product supplied fell 51 kb/d.
- Refinery utilization was 94.1% last week, up 1.8 percentage points from the prior week and up 3.6 percentage points from the prior year.
- Gasoline exports reached the second highest level on record at 1,246 kb/d, with the highest export level of 1,311 kb/d reached in December 2018. The latest level is up 158 kb/d from the prior week and up 183 kb/d from the prior year.
- Propane stocks fell 687 Mbbls week-over-week but remain above last year’s levels and the high end of the 5-year range. The draw was supported by a reduction in propane supplied and an increase in propane exports.
