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US Weekly Petroleum Report – Data Additions Highlight

The petroleum industry in the United States has been increasingly affected by various recent domestic and international events including the Corona virus pandemic and geopolitics in the middle east. Lately, there have been numerous signs of tribulations pointing to a potential damaging blow to an industry that is a major contributor to the US gross domestic product, employing millions of people.

We have now increased our coverage with more granular data on the oil and gas industry in the US from the Energy Information Administration. We have also put in a lot of effort into the way in which we structure our data to make it easier for Macrobond users to navigate the database and produce research in a faster more convenient way.

In the table below, we started by creating a bar chart with the current level of stocks/inventories for different petroleum products including the year-over-year and month-over-month percentage change. The table shows an increase in storage for almost all types of petroleum products compared to the same month last year but with a slight decrease from last month.

We see the opposite effect if we look at the refiner and blender net production for a variety of petroleum products, which may indicate that demand has been dropping significantly for such products.

In addition to the net production table, we have plotted data on days-of-supply by petroleum products in a line chart from 2017. According to the source (EIA), days-of supply is calculated by “dividing the commercial crude oil inventory level at the end of the month by the forecast crude oil refinery in the following month” indicating how tight or loose is the oil market. The chart shows a sharp increase for all petroleum types since the start of the Corona virus pandemic. In recent weeks, some petroleum types show a considerable decline, yet the latest values remain high as consumption is not expected to increase greatly.

Finally, the fourth chart shows the contribution in the net input of crude oil by the various petroleum refining districts. Total crude oil remains at 17,7 percent below the amount processed from the same month last year. The gulf coast pad, the largest refining district, is also the largest contributor to the decline of the total refiner net input of crude oil. The coming months will determine the damage taken by the US oil and gas industry as economic activity picks up after pandemic restrictions are fully lifted.

 

Data Additions by Country / Region

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