EIA Weekly Petroleum Report - Aug 24

[dan_s]

Summary of Weekly Petroleum Data for the week ending August 19, 2022

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending August 19, 2022 which was 168,000 barrels per day less than the previous week’s average.
Refineries operated at 93.8% of their operable capacity last week. < We need higher utilization rate to rebuild depleted fuel inventories.
Gasoline production decreased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 40,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 1.9% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 615,000 barrels per day, and
distillate fuel imports averaged 173,000 barrels per day.

Focus on the deficits to the 5-year averages and remember that we consume more petroleum-based products than we did 5 years ago.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve which are also declining by 5-7 million barrels per week) decreased by 3.3 million barrels from the previous week. At 421.7 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year.
> Total motor gasoline inventories virtually unchanged from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories increased, but blending components inventories decreased last week.
> Distillate fuel inventories decreased by 0.7 million barrels last week and are about 24% below the five year average for this time of year.
> Propane/propylene inventories virtually unchanged from last week and are about 11% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 1.4 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 4.7% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 7.0% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 2.3% from the same period last year.
Jet fuel product supplied was up 7.3% compared with the same four-week period last year.
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MY TAKE: Each week that passes moves us closer to the winter heating season for all space heating fuel inventories (home heating oil, natural gas and propane) at deep deficits to the 5-year averages. We have a lot more homes and businesses that will need adequate space heating fuels than we did five years ago. Yes, we are in better shape than Europe, but that is like comparing a cold to cancer.
I FEAR diesel rationing. It takes a lot diesel to harvest our crops.