California diesel inventories hit all-time low: CEC

  • Market: Biofuels, Crude oil, Oil products
  • 30/05/24

Combined California diesel stocks fell to the lowest level in California Energy Commission (CEC) history in the week ended 24 May.

Combined diesel inventories — including in-state CARB, non-California EPA and renewable diesel — totaled 2.3mn bl after significant draws across grades, despite a sharp increase in-state CARB diesel output during the week, according to CEC data going back to 2005.

In-state CARB diesel stocks totaled 1.37mn bl by the end of the week and marked a 13pc drop from the week prior. Other diesel fuel inventories contracted by nearly 17pc to 929,000 bl.

Production of in-state CARB diesel jumped by nearly 40pc in the week to 128,000 b/d, while other diesel output — including non-California EPA and renewable diesel — plummeted by more than 44pc to average 51,000 b/d.

In-state CARBOB gasoline production dipped by 2.8pc to average 800,000 b/d from the week prior, although inventories added a nominal 1.8pc to a nine-week high of 6.10mn bl. Total gasoline production trended 2.7pc lower at 879,000 b/d.

California jet fuel production jumped by nearly 18pc to 321,000 b/d, the highest level since 19 April. Inventories grew by 0.6pc to 3.24mn bl, continuing a trend of largely stable volumes since 10 May.

Crude throughputs increased by 9.4pc to 1.44mn b/d as stocks shrank by 19pc to 11.1mn bl — the lowest volume since January 2024.

California refining throughputs and storage
Commodity24-May-2417-May-24±
Throughputs '000 b/d
Crude1,4401,316124
CARBOB800823-23
Total gasoline879904-25
Jet fuel32127348
California distillate1289236
Inventories '000 bl
Crude11,09813,670-2,572
CARBOB6,0985,988110
Jet fuel3,2353,21520
California distillate1,3731,586-213

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