EIA - Petroleum Status Report - Feb 20

[dan_s]

Summary of Weekly Petroleum Data for the week ending February 14, 2020

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending February 14, 2020, which was 190,000 barrels per day more than the previous week’s average. Refineries operated at 89.4% of their operable capacity last week.
Gasoline production increased last week, averaging 9.5 million barrels per day.
Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 431,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 4.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 421,000 barrels per day, and distillate fuel imports averaged 127,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 400 thousand barrels from the previous week. At 442.9 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. < As I've been stressing in my weekly podcast, crude oil inventories MUST INCREASE in Q1, so refiners have enough feedstock for the spike in demand for transportation fuels that happens in Q2 each year. There is definitely no "glut" of oil.
> Total motor gasoline inventories decreased by 2.0 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 decreased last week.
> Distillate fuel inventories decreased by 0.6 million barrels last week and are about 4% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.0 million barrels last week and are about 35% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 1.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels per day, down by 1.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels per day, down by 2.0% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels per day over the past four weeks, down by 6.7% from the same period last year. Jet fuel product supplied was down 0.4% compared with the same four-week period last year.
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I saw a report the other day that forecast a higher amount of refinery maintenance this year than normal starting in mid-March. If so, we may see a build in crude oil inventory and decline in finished product inventories from mid-March to mid-April. After maintenance, refiners will need to ramp up in May & June to produce "summer blend" gasoline. Summer blends require more crude oil.