The number of US oil products supplied indicates the consumption of petroleum products. It measures the disappearance of these products from primary sources like refineries, natural gas processing plants, blending plants, pipelines, and bulk terminals. Finished motor gasoline, kerosene-type jet fuel, distillate fuel oil, residual fuel oil, propane or propylene, and other oils are included in the calculation of the total products supplied.
Weekly products supplied rise
For the week ended November 7, 2014, US total product supplied stood at 19.8 million barrels per day (or bpd) compared to 19.0 million bpd in the first week of November 2013. Aside from kerosene-type jet fuel, residual fuel oil and other oils all the other components of products supplied recorded a dip during the same period.
Over the last four weeks, an average of 19.5 million bpd of product oil was supplied. This average is up by 0.4% from the corresponding period last year.
Effect on crude tankers
With four-week average numbers recording positive numbers, crude tanker peers like Frontline Ltd. (FRO), Teekay Tankers Ltd. (TNK), Nordic American Tanker Ltd. (NAT), and Tsakos Energy Navigation Ltd. (TNP)—as well as the Guggenheim Shipping ETF (SEA)—are likely to benefit. Plus, higher oil demand supports higher oil imports and benefits crude tanker companies.