US fuel oil production edges lower at start of January
The US has produced 11% less fuel oil per day on average at the beginning of January compared to December, according to the Energy Information Administration (EIA).
Changes in monthly US residual fuel oil from December to January:
- Production down 34,000 b/d to 289,000 b/d
- Supply down 91,000 b/d to 331,000 b/d
- Imports down 137,000 b/d to 84,000 b/d
Volumes of fuel oil supplied out of US storage tanks has decreased in January so far. The fuel oil goes to outlets like bunker fuel blenders and bulk terminals, refinery coking units for upgrades to higher-value products, or to power generation.
Supply, which can also imply demand, decreased from 422,000 b/d in December to 331,000 b/d in the week to 2 January, the EIA reports.
US refineries produced 34,000 b/d less fuel oil, while imports decreased by 137,000 b/d.
Total US fuel oil stocks increased by 520,000 bbls on the month to 22.98 million bbls.
By Gautamee Hazarika
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