ОБЪЕДИНЕНИЕ ЛИДЕРОВ НЕФТЕГАЗОВОГО СЕРВИСА И МАШИНОСТРОЕНИЯ РОССИИ
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Среда, 24 июня 2020 21:21

EIA: This Week in Petroleum - 24 June 2020 - eng Избранное

U.S. refinery capacity sets new record as of January 1, 2020

U.S. operable atmospheric crude oil distillation capacity increased 0.9% during 2019, reaching a record of 19.0 million barrels per calendar day (b/cd), up 0.2 million b/cd from the previous record of 18.8 million b/cd the year before. According to the U.S. Energy Information Administration’s (EIA) annual Refinery Capacity Report, U.S. operable crude oil distillation unit (CDU) capacity has increased slightly in seven of the past eight years (Figure 1).

Figure 1. U.S. atmospheric crude distillation capacity (2011-2020)

EIA measures refinery capacity in two ways: barrels per calendar day and barrels per stream day (b/sd). Calendar-day capacity is the operator’s estimate of the input that a distillation unit can process in a 24-hour period under usual operating conditions, recognizing the effects of both planned and unplanned maintenance. Stream-day capacity, on the other hand, reflects the maximum number of barrels of input that a distillation facility can process within a 24-hour period when running at full capacity under optimal crude oil and product slate conditions with no allowance for downtime. Stream-day capacity is typically about 6% higher than calendar-day capacity.

The number of operable refineries in the United States (excluding U.S. territories), which includes both idle and operating refineries, started 2019 at a total of 135. Continental Refining Company LLC’s 5,500 b/cd refinery in Somerset, Kentucky, which had been inactive since March 2018, shut down. However, Flint Hills Resources split out its reporting to EIA of the Corpus Christi East and West plants, bringing EIA’s calculation of the number of operable U.S. refineries back to 135. The 335,000 b/cd Philadelphia Energy Solutions refinery remained in EIA’s refinery count as of January 1, but it has not operated since shortly after a fire in June 2019 damaged part of the refinery complex; a sale of the refinery is pending.

EIA also collects data about refineries in U.S. territories. Before the end of 2020, Limetree Bay Refining LLC plans to resume operations at its refinery in the U.S. Virgin Islands, which Hovensa LLC shut down in 2012.

Three refinery sales took place in 2019. Par Pacific Holdings purchased the 40,700 b/cd U.S. Oil and Refining Company refinery in Tacoma, Washington. Chevron purchased the 112,229 b/cd Pasadena Refining Systems, Inc., refinery in Pasadena, Texas. Lastly, Starlight Relativity Acquisition Company purchased the 20,000 b/cd Calumet Specialty Product Partners, L.P., refinery in San Antonio, Texas.

Gross inputs to U.S. petroleum refineries—also referred to as refinery runs—and net imports of crude oil both declined in 2019, while U.S. production of crude oil reached a new record (Figure 2). U.S. crude oil production, which averaged 12.2 million barrels per day (b/d) in 2019, more than doubled between 2010 and 2019. Crude oil inputs to U.S. refineries averaged 16.6 million b/d in 2019, compared with 14.7 million b/d in 2010. During that period, operable refinery CDU capacity increased 1.2 million b/cd, and utilization rose from 86% in 2010 to 90% in 2019, resulting in a 1.8 million b/d increase in crude oil inputs. During the same period, U.S. crude oil imports decreased by 2.4 million b/d, and U.S. crude oil exports increased by 2.9 million b/d, resulting in a decline in net imports of 5.4 million b/d.

Figure 2. U.S. crude production, net imports, and crude inputs to refineries (2010-2019)

As the United States has increased crude oil production over the past decade, the average density of U.S. crude oil has become lighter. Because U.S. refineries imported less of the crude oil they processed and replaced imports with domestically produced crude oil, the average API gravity—a measure of a crude oil’s density where higher numbers mean lower density—of crude oil inputs to refineries increased. For example, the U.S. Gulf Coast, which is home to about half of U.S. refining capacity, used imported crude oil for only 28% of its crude oil inputs to refineries during 2019, down from 69% in 2010 (Figure 3). During this time, the weighted average API of crude oil inputs into Gulf Coast refineries increased from 29.7 degrees in 2010 to 33.5 degrees in 2019.

Figure 3. Gulf Coast refinery crode oil sources and gross inputs

U.S. refineries have adapted to this changing crude oil slate by slightly increasing their yields of petroleum products that are derived from lighter crude oil, such as jet fuel, gasoline, and distillate (Figure 4). They have also increased their use of downstream refinery units, which are used to process the products coming from the atmospheric crude distillation unit into ultra-low sulfur diesel and gasoline as well as other products. These lighter products often have higher refining margins, a measure that represents the difference between the prices of petroleum products and crude oil. In response to a decrease in transportation fuel demand resulting from reduced economic activity and stay-at-home orders aimed at slowing the spread of the 2019 novel coronavirus, U.S. refineries decreased production of jet fuel and gasoline while increasing production of distillate in the first half of 2020.

Figure 4.  U.S. Gulf Coast product yields and weighted average API of crude oil inputs

EIA’s 2019 Refinery Capacity Report indicates that secondary refining capacity—including but not limited to thermal cracking (coking), catalytic hydrocracking, and hydrotreating and desulfurization—increased by less than 1% in 2019. These downstream capacity increases are primarily the result of changing processes to increase refinery throughput rather than building new refining units.

The updated Refinery Capacity Report also includes information on capacity expansions planned for the rest of 2020. Based on information reported to EIA in the most recent update, U.S. refining capacity will not expand significantly this year. Further investment in U.S. refinery expansion projects depend on expectations about crude oil and petroleum product price spreads, the characteristics of the crude oils being produced, product specifications, and the relative economic advantage of the U.S. refining fleet compared with refineries in the rest of the world.

U.S. average regular gasoline and diesel prices rise

The U.S. average regular gasoline retail price rose more than 3 cents per gallon from the previous week to $2.13 per gallon on June 22, 53 cents lower than the same time last year. The West Coast price rose 4 cents to $2.72 per gallon, the Rocky Mountain and Gulf Coast prices each rose nearly 4 cents to $2.27 per gallon and $1.82 per gallon, respectively, the Midwest price increased 3 cents to $2.06 per gallon, and the East Coast price rose nearly 3 cents to $2.05 per gallon.

The U.S. average diesel fuel price rose more than 2 cents from the previous week to $2.43 per gallon on June 22, 62 cents lower than a year ago. The Midwest price increased more than 3 cents to $2.29 per gallon, the Gulf Coast price increased more than 2 cents to $2.20 per gallon, the West Coast price rose nearly 2 cents to $2.95 per gallon, the East Coast price both rose more than 1 cent to $2.52 per gallon, and the Rocky Mountain price rose nearly 1 cent, remaining virtually unchanged at $2.35 per gallon.

Propane/propylene inventories rise

U.S. propane/propylene stocks increased by 2.4 million barrels last week to 71.3 million barrels as of June 19, 2020, 3.8 million barrels (5.6%) greater than the five-year (2015-19) average inventory levels for this same time of year. Gulf Coast, Midwest, and East Coast inventories increased by 1.6 million barrels, 0.6 million barrels, and 0.1 million barrels, respectively, and Rocky Mountain/West coast inventories increased slightly, remaining virtually unchanged.

For questions about This Week in Petroleum, contact the Petroleum Markets Team at 202-586-4522.


Retail prices (dollars per gallon)

Conventional Regular Gasoline Prices Graph. On-Highway Diesel Fuel Prices Graph.
 Retail pricesChange from last
 06/22/20WeekYear
Gasoline 2.129 0.031 -0.525
Diesel 2.425 0.022 -0.618

Futures prices (dollars per gallon*)

Crude Oil Futures Price Graph. RBOB Regular Gasoline Futures Price Graph. Heating Oil Futures Price Graph.
 Futures pricesChange from last
 06/19/20WeekYear
Crude oil 39.75 3.49 -17.68
Gasoline 1.272 0.148 -0.584
Heating oil 1.211 0.110 -0.705
*Note: Crude oil price in dollars per barrel.

Stocks (million barrels)

U.S. Crude Oil Stocks Graph. U.S. Distillate Stocks Graph. U.S. Gasoline Stocks Graph. U.S. Propane Stocks Graph.
 StocksChange from last
 06/19/20WeekYear
Crude oil 540.7 1.4 71.1
Gasoline 255.3 -1.7 23.1
Distillate 174.7 0.2 49.3
Propane 71.331 2.364 0.425

 

 StocksChange from last
 09/20/19WeekYear
Crude oil 419.5 2.4 23.5
Gasoline 230.2 0.5 -5.5
Distillate 133.7 -3.0 -4.2
Propane 99.670 -1.024 23.312

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