EIA - Weekly Petroleum Report - May 15

[dan_s]

Summary of Weekly Petroleum Data for the week ending May 10, 2024

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending May 10, 2024, which was 307 thousand barrels per day more than the previous week’s average. < Refineries are ramping up to meet summer transportation fuel demand, which means that we should see commercial crude oil inventories decline for several months in a row.
Refineries operated at 90.4% of their operable capacity last week. < Need to ramp up to 95% of capacity.
Gasoline production increased last week, averaging 9.7 million barrels per day.
Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, decreased by 226 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 7.1% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 726 thousand barrels per day, and distillate fuel imports averaged 89 thousand barrels per day.

Inventories: Focus on the deficits to the 5-year averages. The Big Three petroleum markets are tight.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.5 million barrels from the previous week. At 457.0 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.2 million barrels from last week and are about 1% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week.
> Distillate fuel inventories slightly decreased last week and are about 7% below the five year average for this time of year.
> Propane/propylene inventories increased by 2.9 million barrels from last week and are 14% above the five year average for this time of year. < Thanks to significantly more export capacity for NGLs, the U.S. NGL market is in much better shape today.
> Total commercial petroleum inventories increased by 3.5 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels a day, up by 0.7% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 4.5% from the same period last year.
Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 5.3% from the same period last year.
Jet fuel product supplied was up 3.7% compared with the same four-week period last year.

[aja57]

HFI Research take on EIA data..
https://www.hfir.com/p/a-bottom-is-developing-for-oil