Commercial crude stocks in Cushing, Oklahoma, the delivery point for the NYMEX crude contract, dropped for the third consecutive week, hitting its lowest level yet in 2013, US Energy Information Administration data showed Wednesday.
Stocks at Cushing fell 669,000 barrels to 48.596 million barrels over the reporting week ended June 14, the EIA's data showed, a level not seen since the week ended December 14.
The drop contrasted with a build in US commercial crude stocks overall, which ticked upwards by 313,000 barrels to 394.121 million barrels nationally amid a 586,000 b/d increase in imports.
Data released by the American Petroleum Institute late on Tuesday had shown a 4.286 million barrel drop in crude stocks, coupled with a decline in imports. A Platts analysis and survey of oil analysts on Monday anticipated a 1 million-barrel drop in crude stocks.
Stocks rose by 861,000 barrels along the East Coast and by 1.21 million barrels along the West Coast, while dropping 1.169 million barrels along the Gulf Coast, by 103,000 barrels in the Midwest and by 486,000 barrels in the Rocky Mountains. Oil in transit from Alaska also fell, dropping by 409,000 barrels to 3.175 million barrels.
Crude oil imports hit their strongest level since the week ended December 7, 2012, surging to 8.436 million b/d, even as domestic production fell back by 95,000 b/d to 7.129 million b/d. Domestic production dropped by 83,000 b/d in Alaska and slid by 12,000 b/d in the lower 48 states.
East Coast imports jumped 443,000 b/d to 1.336 million b/d, the highest level seen in to the region since mid-September. Imported volumes also climbed along West Coast (plus 212,000 b/d), in the Rocky Mountain region (up 71,000 b/d), and in the Midwest (plus 59,000 b/d.)
By contrast, imports slid along the Gulf Coast, declining 201,000 b/d to 4.104 million b/d, as volumes from Saudi Arabia -- a major supplier to the region -- dropped back by 243,000 b/d.
Refinery utilization bounced up above 89% for the first time since the week ended January 4, rising 1.8 percentage points to 89.3%, with production climbing in all five reporting districts.
Gross inputs in to refineries rose 311,000 b/d to 15.902 million b/d, the majority of which was due to a 294,000 b/d bounce in crude oil inputs, which rose to 15.531 million b/d, their highest level so far this year.
EAST COAST GASOLINE INVENTORIES
Gasoline stocks along the East Coast dropped by 1.505 million barrels over the reporting week, the EIA's data showed, with the decline concentrated entirely in the Lower Atlantic sub-region.
The East Coast is host to the New York Harbor-delivered NYMEX RBOB contract.
Stocks in the Lower Atlantic plunged 2.149 million barrels over the week to 24.894 million barrels, largely reversing the sharp build seen the previous week. By contrast, stocks rose by 367,000 barrels in New England and by 276,000 barrels in the Mid-Atlantic region.
Elsewhere, inventories largely increased -- up 183,000 barrels nationally to 221.728 million barrels -- led by a 875,000 barrel jump in gasoline stocks along the West Coast. Stocks rose by 507,000 barrels in the Midwest and by 316,000 barrels in the Rocky Mountain region, while remaining virtually unchanged along the Gulf.
Tuesday's API data had anticipated a 918,000-barrel build in gasoline inventories, while Monday's Platts analysis and survey had anticipated a 1.2 million-barrel increase.
Implied demand for the road fuel increased 192,000 b/d to 8.84 million b/d and production dropped back by 103,000 b/d to 9.1 million b/d, while imports fell back by 136,000 b/d to 556,000 b/d. Imports into the East Coast dropped by 176,000 b/d.
Distillate stocks slid for the second-straight week, dropping 489,000 barrels to 121.622 million barrels, even as implied demand ticked lower by 63,000 b/d to 4.015 million b/d. Production remained broadly unchanged on the week.
Inventories jumped 2.418 million barrels along the East Coast to 38.053 million barrels, the highest level since the week ended February 1. Inventories surged by 2 million barrels in the Lower Atlantic sub region to 14.120 million barrels, a level not seen since August 2011. Distillate imports in the East Coast more than doubled over the reporting week, jumping 46,000 b/d to 85,000 b/d.
Like RBOB, New York Harbor is the delivery-point for the NYMEX ULSD contract.
The sharp build along the East Coast was countered by a 3.272 million barrel draw along the Gulf Coast, where stocks fell to 39.437 million barrels.
Tuesday's API data showed a 607,000-barrel decline in distillate stocks, while analysts polled by Platts had anticipated a 300,000 barrel increase.
