EIA Weekly Petroleum Report - Nov 24

[dan_s]

Summary of Weekly Petroleum Data for the week ending November 19, 2021 with my comments in blue

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending November 19, 2021 which was 243,000 barrels per day more than the previous week’s average. < Note how this compares to Team Biden's release of oil from the SPR. It isn't even enough to cover one week of refinery feed stock.
Refineries operated at 88.6% of their operable capacity last week.
Gasoline production increased last week, averaging 10.1 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, up by 245,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 18.5% more than the same four-week period last year. < This is why the oil in our SPR is a national security issue. If our steady flow of imports (over 43 million barrels per week) is ever cut off, out economy would be hammered and so would our standard of living.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 483,000 barrels per day, and distillate fuel imports averaged 332,000 barrels per day.

Note that all of our inventories are below the 5-year average
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.0 million barrels from the previous week. At 434.0 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.6 million barrels last week and are about 6% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.
> Distillate fuel inventories decreased by 2.0 million barrels last week and are about 8% below the five year average for this time of year. < Heating oil demand spikes in mid-November each year.
> Propane/propylene inventories decreased by 1.0 million barrels last week and are about 13% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 6.0 million barrels last week. < My WAG is that OECD inventories are getting close to just 27 Days of Consumption. The last time that happened, WTI went over $100/bbl.

Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 7.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.3 million barrels a day, up by 11.5% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 3.0% from the same period last year.
Jet fuel product supplied was up 40.4% compared with the same four week period last year

Weekly Natural Gas Storage report will be released at 11AM CT