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This week's Petroleum balance sheet.
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JonSCKs
Posted 8/15/2012 21:07 (#2541419)
Subject: This week's Petroleum balance sheet.


The Energy Information Administration releases it's weekly Petroleum balance sheet every Wednesday.

Here is today's version:

http://ir.eia.gov/wpsr/overview.pdf

So what does it say?

First off, the US pumped 6,181 k b/d of Domestic Crude and procured 8,717 k b/d of Imported Crude from mostly these sources..  http://www.eia.gov/dnav/pet/pet_move_wimpc_s1_w.htm 

The largest being Canada..from a different report..  http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=W_EPC0_IM0_NUS-NCA_MBBLD&f=W   at 2,031 k b/d followed by the Kingdom of Saudi Arabia at 1,698 k b/d, Venezula at 1,229 k b/d, Mexico at 857 k b/d and Iraq at 676 k b/d amongst others.. 

btw.. Iraq just crossed the 3,000 k b/d threshold which is kind of a milestone..  http://www.omantribune.com/index.php?page=news&id=125607&heading=Business  So last week we imported about 20% of Iraq's daily output.. which has seen a gradual steady increase over time..  http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=w_epc0_im0_nus-niz_mbbld&f=4

Anywho.. back to this country.. we exported about 40 k b/d and drew from inventories of about 528 k b/d and with an adjustment of 325 k b/d we sent a total of 15,711 k b/d of Crude to the refineries... along with what is called "Production" of 4,426 k b/d, Net Imports of (actually was exports) of - 414 k b/d of finished products (gasoline and distillates), unfinished oils, gasoline blending componets, ethanol, etc..we drew 126 k b/d from stocks and there's an adjustment (whatever we need to make the numbers add up..) of 176 = 20,026 k b/d of TOTAL Supplied products.

Now digging back into that "Production" number of 4,426 k b/d.. 2,376 k b/d of it was Natural Gas as liquids, 819 k b/d was ETHANOL, 83 k b/d was "other" oxegenates such as ETBE, MTBE and other renewable such as bio-diesel.. and 1,140 k b/d was "refinery gain" which (this is a heck of a deal..) you actually get MORE bbls of output then you put in because the output.. things like gasoline.. have a volumetric gain when produced from things like Crude Oil..  huh.. they even burn part of it in the refining process and they STILL end up with a GAIN.. "what a concept.."

Okay.. so flip side.. the 20,026 k b/d of OUTPUT becomes 9,308 k b/d of Gasoline.. (46.5%) 1,496 k b/d of Kerosene/Jet Fuel (7.5%), 3,569 k b/d of Distillate (diesel fuel/heating oil) (18%) 522 k b/d of Residual Fuel (2.61%), 1,117 k b/d of Propane/Propylene (6%) and Finally.. 4,013 k b/d of "other" things such as Asphault and numerous other things.. petroleum jelly and whatnot..probably another 20 products.. (20%

So in summary.. US Crude pumped of 6,181 + imports of 8,717 + other things such as 819 of ETHANOL gives us.. 9,308 of Gasoline along with 3,569 of distillate..

Ethanol provides almost as much to the final output as our fourth largest import supplier of Crude in Mexico.  Furthermore, even though the US has the largest refining capacity on the planet.. turning such heavy crudes as what comes mostly from Canada and Venezula is a chore... and that is why US refining capacity is running at a pretty decent clip of around 92%

Furthermore, recent changes such as Distillate exceeding the value of Gasoline.. as well as the US no longer being the highest market for Crude on the planet.. WTI at $94.33 is about a $22 invert to Brent at $116.25 per bbls has changed some of the dynamics of the whole marketplace.

Anyway.. I thought this info was interesting..  and impressive to still see etoh cranking along at 820'ish k b/d.. I wonder how these numbers will change as etoh is reduced going forward...??? 

Where will the shortfall come from?  I'm sure it can be done.. I just wonder what kinds of numbers it will take to do it.. will total produced product have to come down?  Will we draw on stocks?  Increase imports..??  How do you get product INTO a country that is paying $94.. PAST another part of the world that is paying $116...?!?

etc..  interesting times no doubt.



Edited by JonSCKs 8/15/2012 21:21
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