EIA Weekly Petroleum Report - Dec 12

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dan_s
Posts: 34463
Joined: Fri Apr 23, 2010 8:22 am

EIA Weekly Petroleum Report - Dec 12

Post by dan_s »

Summary of Weekly Petroleum Data for the week ending December 7, 2018

U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending December 7, 2018, which was 51,000 barrels per day less than the previous week’s average. Refineries operated at 95.1% of their operable capacity last week. Gasoline production increased last week, averaging 10.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.5 million barrels per day.

U.S. crude oil imports averaged 7.4 million barrels per day last week, up by 174,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.6 million barrels per day, 1.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 525,000 barrels per day, and distillate fuel imports averaged 144,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.2 million barrels from the previous week. At 442.0 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. < Note that this is a much smaller decline than API reported yesterday.
> Total motor gasoline inventories increased by 2.1 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week.
> Distillate fuel inventories decreased by 1.5 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.2 million barrels last week and are about 5% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 6.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.9 million barrels per day, up by 5.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels per day, down by 0.1% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, up by 1.8% from the same period last year. Jet fuel product supplied was up 3.0% compared with the same four-week period last year.
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Always keep in mind that what EIA reports each week is just their best guess. They DO NOT have gauges on all of the U.S. storage tanks.
Dan Steffens
Energy Prospectus Group
jb2257
Posts: 199
Joined: Sat Apr 20, 2013 8:12 pm

Re: EIA Weekly Petroleum Report - Dec 12

Post by jb2257 »

It looked like the energy sector was going to have a good day with the trade talks until the price of crude dropped in the afternoon.
dan_s
Posts: 34463
Joined: Fri Apr 23, 2010 8:22 am

Re: EIA Weekly Petroleum Report - Dec 12

Post by dan_s »

As I said at our luncheon on Monday, WTI is probably stuck in the low $50s for at least another month. The short sellers appear to be committed and sell each move higher. That will continue until they get burned. IMO the "Right Price" is $65 when you include the appropriate geopolitical risk premium. Just the fundamentals point to $55+.

Natural gas is down today because it looks like we will have about ten days of mild weather before colder than normal weather returns. Next large cold shot across the Great Lakes Region is expected by Christmas. Snow storm in Texas this week, but not real cold.
Dan Steffens
Energy Prospectus Group
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