EIA Weekly Petroleum Report - May 18

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dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

EIA Weekly Petroleum Report - May 18

Post by dan_s »

Focus on how low inventories are compared to the 5-year average.

Summary of Weekly Petroleum Data for the week ending May 13, 2022

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending May 13, 2022 which was 239,000 barrels per day more than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. < Made some progress, but we need to get it over 95% of capacity in order to have adequate supplies of transportation fuels.
Gasoline production decreased last week, averaging 9.6 million barrels per day.
Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.6 million barrels per day last week, up by 299,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 4.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 876,000 barrels per day, and distillate fuel imports averaged 114,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 420.8 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 4.8 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories increased by 1.2 million barrels last week and are about 22% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.3 million barrels last week and are about 10% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 2.9 million barrels last week.

Total products supplied over the last four-week period averaged 19.5 million barrels a day, up by 1.7% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 1.2% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 6.7% from the same period last year.
Jet fuel product supplied was up 28.6% compared with the same four-week period last year.
Dan Steffens
Energy Prospectus Group
dan_s
Posts: 34471
Joined: Fri Apr 23, 2010 8:22 am

Re: EIA Weekly Petroleum Report - May 18

Post by dan_s »

Summary of week-to-week changes are not good.

> U.S. Commercial Crude Oil inventories went from 13% to 14% below the 5-year average despite the fact that we are draining the SPR.

> Gasoline inventories went from 5% to 8% below the 5-year average. The chance of gasoline rationing this summer has increased.

> Distillates (primarily diesel and heating oil) went from 23% to 22% below the 5-year average. Tiny improvement on a very DANGEROUS shortage.

> Propane went from 8% to 10% below the 5-year average. Team Biden may have to ban BBQ this summer.

This is an Energy Crisis and OPEC+ is out of spare capacity and we have infrastructure/pipeline capacity issues thanks to the Green New Deal Wackos we put in charge. Natural gas supply/demand may be even worse when we get to the next winter heating season.
Dan Steffens
Energy Prospectus Group
mikelp
Posts: 200
Joined: Thu Jun 12, 2014 10:15 am

Re: EIA Weekly Petroleum Report - May 18

Post by mikelp »

energy investors - heed Jesse Livermore:

"be right - sit tight"
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