U.S. Petroleum Stocks Rise as Weekly Demand Falls, EIA Says
Total domestic petroleum stockpiles increased in the final week of January while demand declined amid lighter needs for transportation fuels, the U.S. Energy Information Administration’s (EIA) Weekly Petroleum Status Report (WPSR) showed.
Demand has proven choppy week/week over the last several months, but it has consistently been well below year-earlier, pre-coronavirus levels because of travel restrictions and generally lower mobility levels amid the ongoing pandemic.
Domestic commercial crude inventories for the week ended Jan. 29, excluding those in the Strategic Petroleum Reserve, decreased by 1.0 million bbl from the previous week. At 475.7 million bbl, EIA said, oil inventories were 4% above the five-year average.
Global Petroleum Demand Drop in 2020 Marked Steepest on Record, EIA Says
Global demand for petroleum products plummeted in 2020, the U.S. Energy Information Administration (EIA) confirmed in a report Friday, noting the dramatic impacts of government lockdowns and travel restrictions imposed to slow the spread of the coronavirus.
EIA estimated 92.2 million b/d of petroleum and other liquid fuels were consumed globally in 2020, a 9% drop from the previous year and the largest decline in EIA data that dates to 1980.
The agency said its estimate accounted for economic contraction, job losses, vehicle fleet fuel efficiency, and oil prices that plunged into negative territory last spring amid the initial demand destruction caused by the pandemic. EIA said it also factored in third-party indexes that tracked mobility, flights, and government stay-at-home orders across the globe.
EIA Reports Increase in U.S. Crude Inventories, Decline in Exports
Commercial crude oil inventories in the United States increased by 4.4 million bbl during the week ending Jan. 15 amid an uptick in net imports, according to data published Friday by the Energy Information Administration (EIA).
Crude inventories excluding the Strategic Petroleum Reserve increased to 486.6 million bbl for the period, about 9% above the five-year average, the agency said in its latest Weekly Petroleum Status Report, released two days later than usual following the federal holiday for Wednesday’s presidential inauguration.
Total motor gasoline inventories fell 0.3 million bbl and ended the report week about 3% below the five-year average. Distillate fuel inventories increased by 0.5 million bbl to about 8% above the five-year average, while propane/propylene stockpiles fell 6.2 million bbl and finished the week about 11% below five-year norms, according to EIA.
Here is a recap oil and gas market hits and misses for the week ending Jan. 22, 2021.
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.)
In this look back at the week’s hits and misses in the oil and gas markets, one of Rigzone’s regular market-watchers discusses encouraging signs from major players in the oilfield services (OFS) sector. Moreover, he offers his take on which of the top OFS companies appears most optimistic about business conditions in 2021. Keep reading for details on this and other timely topics.
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