Preliminary data for September shows that total commercial oil stocks in the US rose by 12.4 mb, following a build of 15.4 mb in August, to stand at 1,301 mb. At this level, they were 157.3 mb or 13.8% above the same period a year ago and 177.1 mb or 15.8% higher than the latest five-year average. Within the components, crude and product stocks went up by 2.5 mb and 9.9 mb, respectively.
US commercial crude stocks rose in September to stand at 457.9 mb, finishing the month at 97 mb or 27% above the same time one year earlier and 98.8 mb or 27.5% above the latest five-year average. Lower crude oil refinery input contributed to the stock build. Indeed, refinery runs fell by around 500,000 b/d to average 16.2 mb/d. Refineries were running at around 90.7% of operable capacity in September, 2.9 pp lower than the previous month, but 1.3% higher than the same time one year ago. A drop in crude oil imports limited a further build in crude oil inventories. In contrast, crude at Cushing, Oklahoma, saw a stock draw of 4.7 mb in September versus the previous month, to end the month at 53.0 mb.
Total product stocks rose by 9.9 mb in September for the seventh consecutive month. At 843.4 mb, US product stocks were at around 60.3 mb or 7.7% above the level seen at the same time a year ago, showing a surplus of 78.3 mb or 10.2% above the seasonal norm. Within products, the picture was mixed. Gasoline and distillates saw a build, while jet fuel and residual fuel oil experienced drops.
Gasoline stocks rose by 7.8 mb in September, reversing the drop of the previous six consecutive months, to stand at 222.0 mb. At this level, gasoline stocks were 9.5 mb or 4.5% higher than the same period a year ago and 8.3 mb or 3.9% above the latest fiveyear average. The build came mainly from lower demand reflecting the end of summer. Lower gasoline production limited a further build in gasoline inventories.
Distillate stocks rose by 1.7 mb in September, ending the month at 151.6 mb. At this level, they indicated a surplus of 20.3 mb or 15.5% from the same period a year ago, and stood 9.9 mb or 7.0% above the latest five-year average. The build in middle distillate stocks was driven mainly by steady output, averaging nearly 5.0 mb/d. In contrast, residual fuel oil inventories fell by 0.4 mb to 39.8 mb, which was 3.2 mb or 8.8% higher than one year ago in the same period, and 3.4 mb or 9.3% above the seasonal norm. Jet fuel stocks also fell by 2.5 mb, ending September at 40.1 mb. At this level, jet fuel stocks stood at 0.5 mb, or 1.2%, higher than the same month a year ago, but were 3.4 mb or 7.8% below the latest five-year average.