Calif diesel stocks dip to record-low: CEC

Market: Biofuels, Crude oil, Oil products
06/06/24

Combined California diesel inventories slipped to a new all-time low as another drop in in-state CARB diesel stocks extended the prior week's draw.

The state's overall inventory — accounting for both conventional and renewable diesel — shrank by a further 3.7pc to just 2.2mn bl in the week ended 31 May, according to latest data from the California Energy Commission (CEC).

California CARB ultra-low sulphur diesel (ULSD) stocks drew down by 9.8pc to 1.2mn bl as regional refiners curtailed production by 32pc. California CARB output averaged 87,000 b/d, the lowest rate since 15 March.

The downturn outpaced the 5.4pc growth in inventories of other diesel fuels, which includes non-California EPA ULSD and renewable diesel. Stocks of other diesel fuels ended the week at 979,000 bl, while production averaged 28pc higher week to week at 66,000 b/d, per the CEC.

Total gasoline inventories also contracted, by 1.6pc to 7.3mn bl, as California's overall gasoline output fell by 1.4pc. CARBOB stocks slipped by 2pc to 6mn bl as CARBOB output fell by 10pc to 717,000 b/d. This more than offset an 89pc jump in production of non-California gasoline, which reached 149,000 b/d.

Jet fuel production climbed by 4.8pc to average 337,000 b/d — the highest level since 5 April. Inventories fell by 1pc to 3.2mn bl.

Crude throughputs slipped by 2.2pc to 1.4mn b/d, but crude inventories were largely stable at nearly 11.1mn bl.

By Jasmine Davis

California refining throughputs and storage
Commodity	31-May-24	24-May-24	±

Throughputs '000 b/d
Crude	1,408	1,440	-32
CARBOB	717	800	-83
Total gasoline	867	879	-12
Jet fuel	337	321	16
California distillate	87	128	-41
Inventories '000 bl
Crude	11,094	11,098	-4
CARBOB	5,977	6,098	-121
Jet fuel	3,203	3,235	-32
California distillate	1,238	1,373	-135
California Energy Commission

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