US fuel oil supply and imports drop
The US has supplied 40% less fuel oil per day on average so far this month than in October, according to the Energy Information Administration (EIA).
Changes in monthly US residual fuel oil from October to November (so far):
- Production down 22,000 b/d to 329,000 b/d
- Supply down 127,000 b/d to 188,000 b/d
- Imports down 115,000 b/d to 77,000 b/d
- Exports up 18,000 b/d to 217,000 b/d
Volumes of fuel oil supplied out of US storage tanks have decreased in November 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.
Bunkering accounts for around 84% of US residual fuel oil supply, according to EIA estimates.
Supply, which can also imply demand, has decreased from 315,000 b/d in October to 188,000 b/d this month so far, the EIA reports. US refineries have produced 22,000 b/d less fuel oil in November so far than in October, while imports have decreased by 115,000 b/d.
US fuel oil exports have increased by 18,000 b/d to 217,000 b/d in November, while distillate exports, which include gasoil, have decreased by 237,000 b/d to 1.20 million b/d, the EIA reports.
Total US fuel oil stocks have increased by 519,000 bbls on the month, averaging 24.44 million bbls in November.
Production and imports brought in 406,000 b/d of fuel oil in November so far, while supply and exports took out 405,000 b/d, leaving stocks broadly unchanged through the month.
Their higher average this month reflects builds in October, when inflows exceeded outflows by 29,000 b/d.
By Gautamee Hazarika
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