Record US diesel demand surge cuts stocks: EIA
US road and aviation fuel stockpiles tightened last week, bolstered by rising exports and the highest diesel consumption in 17 years.
Estimated diesel demand surged by 37pc to 4.9mn b/d the week ended 10 December, the highest since January 2003, according to Energy Information Administration (EIA). The spike came alongside a 37pc uptick in domestic diesel exports to 773,000 b/d, the highest in three weeks, as refiners geared towards global power generation this winter ahead of growing concerns facing the new Covid-19 Omicron variant.
Implied diesel consumption was 22pc higher than a year ago and 19pc over 2019 levels.
Diesel stockpiles depleted by 2pc to a one-month low of 123.8mn bl, reversing two straight weeks of gains. Stocks fell across most regions, outside of a 0.3pc climb in the Rocky Mountains, the highest since mid-May. Gulf coast stocks dwindled by 0.2pc to a two-year low of 38.9mn bl.
National crude processing fell by 1pc to 15.7mn b/d. West coast crude inputs declined by 5pc to 2mn b/d, the lowest since 5 November, as processing was down across most regions.
The implied gasoline consumption followed suit with diesel, reaching late October highs by increasing by 6pc to 9.5mn b/d. That was 19pc higher than a year prior and up by 1pc from the same week two years ago.
The spike in estimated demand was offset by a 22pc plummet in finished motor gasoline exports to 621,000 b/d. This level reflected a one-month low as global Omicron concerns faced the road fuels landscape.
US gasoline stockpiles depleted by 0.3pc to a two-week low of 218.6mn bl last week. Gulf coast stockpiles fell by 3pc to 79mn bl, the lowest in a month, offset by a four-month high in midcontinent stocks at 47.9mn bl.
Jet fuel stocks returned to a seven-year low following a 3pc weekly decline to 35.6mn bl. The implied jet consumption reached its highest in three weeks at 1.6mn b/d, up 32pc from the prior week.
Jet exports rose by 27pc to 261,000 b/d, the highest since March 2020.
| EIA weekly refined products data | |||||
| Stocks mn bl | 10 Dec | 3 Dec | ±% | Year ago | ±% |
| Gasoline | 219 | 219 | -0.3% | 239 | -8.5% |
| Jet | 36 | 37 | -3.0% | 36 | -1.9% |
| Distillate fuel | 124 | 127 | -2.2% | 151 | -18.2% |
| -- ultra low-sulphur (<= 15ppm sulphur) | 113 | 116 | -2.5% | 141 | -19.9% |
| Imports '000 b/d | |||||
| Total products | 2,300 | 1,973 | +16.6% | 2,243 | +2.5% |
| Gasoline | 499 | 558 | -10.6% | 611 | -18.3% |
| Jet | 259 | 45 | +475.6% | 117 | +121.4% |
| Distillate fuel | 450 | 269 | +67.3% | 492 | -8.5% |
| Exports '000 b/d | |||||
| Total products | 4,356 | 5,263 | -17.2% | 4,938 | -11.8% |
| Gasoline | 621 | 792 | -21.6% | 784 | -20.8% |
| Jet | 261 | 206 | +26.7% | 80 | +226.3% |
| Distillate fuel | 773 | 1,218 | -36.5% | 1,070 | -27.8% |
| Refinery usage | |||||
| Refinery inputs '000 b/d | 16,280 | 16,287 | -0.0% | 14,544 | +11.9% |
| Refinery utilisation % | 90 | 90 | +0.0% | 79 | +13.9% |
| Products supplied '000 b/d | |||||
| Total products | 23,191 | 19,837 | +16.9% | 19,335 | +19.9% |
| Gasoline | 9,472 | 8,963 | +5.7% | 7,975 | +18.8% |
| Jet | 1,606 | 1,220 | +31.6% | 1,149 | +39.8% |
| Distillate fuel | 4,896 | 3,578 | +36.8% | 4,002 | +22.3% |
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