US gasoline, diesel and jet fuel stockpiles rose last week, reversing prior-week losses, as the surging Covid-19 Omicron variant dampened demand for liquid fuels around the New Year holiday.
Implied US gasoline demand during the week ended 31 December fell by 16pc to 8.17mn b/d, the lowest since the week ended 26 February, but still up by 9.8pc from a year earlier, according to Energy Information Administration (EIA) data.
Implied demand for diesel fuel fell from the prior week by 7.7pc to 3.74mn b/d, and implied jet fuel demand fell by the same percentage to 1.47mn b/d.
The demand dips were reflected in building fuel inventories. Overall US gasoline stocks rose during the week by 4.5pc to 232.8mn bl, the highest since the week ended 23 July. The build was led by a 4.9pc increase in Atlantic coast stockpiles, which settled at 63.2mn bl, also the highest since 23 July.
Compared with a year earlier, gasoline stocks were down by 3.4pc, but inventories were up by 6.7pc from two years earlier.
US diesel stocks ended last week at 126.8mn bl, up by 3.6pc from the prior week but 20pc lower than a year earlier. Jet fuel stockpiles rose by 0.9pc to 34.9 mn bl, a four-week high. Jet fuel stocks last week were 10pc below the same week in 2020.
US imports of refined products fell last week by 13.5pc to 1.67mn b/d. The import dip came even as gasoline imports rose during the week by 38pc to 596mn bl, the highest since the week ended 26 November and a 34pc rise compared to the same week a year earlier.
US refiners stepped up crude processing in the last week of 2021, with total crude inputs increasing by 1pc to 15.867mn b/d, the highest since 27 August. Processing was up by more than 10pc from the same week a year earlier.
Exports of refined products dropped sharply last week, driven by gasoline and diesel. US finished motor gasoline exports fell by 23.5pc during the week to 470,000 b/d, the lowest since the week ended 1 October and 47pc less than a year earlier. Diesel exports fell by 37pc to 811,000 b/d, the lowest since late November and down by 34pc from a year earlier. Jet fuel exports rose to 146,000 b/d, up by 5.8pc from the prior week and up by 160pc from a year earlier.
| EIA weekly refined products data | |||||
| Stocks mn bl | 31-Dec | 24-Dec | ±% | Year ago | ±% |
| Gasoline | 233 | 223 | +4.5% | 241.1 | -3.4% |
| Jet | 35 | 35 | +0.9% | 38.8 | -10.1% |
| Distillate fuel | 127 | 122 | +3.6% | 158.4 | -19.9% |
| -- ultra low-sulphur (<= 15ppm sulphur) | 117 | 112 | +4.2% | 147.2 | -20.5% |
| Imports '000 b/d | |||||
| Total products | 1,678 | 1,939 | -13.5% | 1,533 | +9.5% |
| Gasoline | 596 | 432 | +38.0% | 445 | +33.9% |
| Jet | 110 | 118 | -6.8% | 149 | -26.2% |
| Distillate fuel | 217 | 162 | +34.0% | 302 | -28.1% |
| Exports '000 b/d | |||||
| Total products | 4,061 | 5,556 | -27.0% | 4,867 | -16.6% |
| Gasoline | 470 | 614 | -23.5% | 883 | -46.8% |
| Jet | 146 | 138 | +5.8% | 56 | +160.7% |
| Distillate fuel | 811 | 1,292 | -37.2% | 1,232 | -34.2% |
| Refinery usage | |||||
| Refinery inputs '000 b/d | 15,867 | 15,703 | +1.0% | 14,376 | +10.4% |
| Refinery utilisation % | 90 | 90 | +0.0% | 81 | +11.5% |
| Products supplied '000 b/d | |||||
| Total products | 19,665 | 22,218 | -11.5% | 17,054 | +15.3% |
| Gasoline | 8,172 | 9,724 | -16.0% | 7,441 | +9.8% |
| Jet | 1,468 | 1,590 | -7.7% | 917 | +60.1% |
| Distillate fuel | 3,739 | 4,051 | -7.7% | 2,941 | +27.1% |
