EIA - Weekly Petroleum Report - Feb 26

[dan_s]

Summary of Weekly Petroleum Data for the week ending February 21, 2020

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending February 21, 2020, which was 202,000 barrels per day less than the previous week’s average. Refineries operated at 87.9% of their operable capacity last week. < February is the low point for refinery utilization. It will ramp up in April.
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 330,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 1.6% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 405,000 barrels per day, and distillate fuel imports averaged 177,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 500 thousand barrels from the previous week. At 443.3 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. < It necessary for crude oil inventories to build in Q1.
> Total motor gasoline inventories decreased by 2.7 million barrels last week and are about 2% 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 2.1 million barrels last week and are about 5% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.7 million barrels last week and are about 37% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 2.1 million barrels. < This tells up that demand for refined products remains strong in the U.S.

Total products supplied over the last four-week period averaged 20.3 million barrels per day, down by 2.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 0.3% from the same period last year.
Distillate fuel product supplied averaged 4.0 million barrels per day more than the past four weeks, down by 5.1% from the same period last year.
Jet fuel product supplied was down 8.3% compared with the same four-week period last year.

Nothing above to justify the oil price drop. It is all about COVID-19