EIA Weekly Petroleum Report - May 5

[dan_s]

Summary of Weekly Petroleum Data for the week ending April 30, 2021

U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending April 30, 2021 which was 225,000 barrels per day more than the previous week’s average.
Refineries operated at 86.5% of their operable capacity last week. < This is BULLISH.
Gasoline production decreased last week, averaging 9.1 million barrels per day.
Distillate fuel production decreased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 5.5 million barrels per day last week, decreased by 1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.8 million barrels per day, 7.8% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day, and distillate fuel imports averaged 169,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.0 million barrels from the previous week. At 485.1 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.
> Total motor gasoline inventories increased by 0.7 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.
> Distillate fuel inventories decreased by 2.9 million barrels last week and are about 2% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.5 million barrels last week and are about 19% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 5.6 million barrels last week.

Demand for all refined products is getting stronger
Total products supplied over the last four-week period averaged 19.8 million barrels a day, up by 34.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 56.2% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 35.0% from the same period last year.
Jet fuel product supplied was up 101.0% compared with the same four-week period last year
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Note that inventories are all below the 5-year average and demand today is much higher than it was five years ago AND are weeks away from a big increase in demand for transportation fuels. Inventory levels and refinery utilization rate are the KEY STATISTICS.

[Fraser921]

People are pouring into the oily stocks. I guess they just read the email

Even ESTE is participating. )

[dan_s]

Crude oil inventories for the US are now at a deficit of 42.514 MBbls to last year and a deficit of 9.69 MBbls to the five-year average and we are on the verge of a BIG INCREASE in demand.