EIA Weekly Petroleum Report - August 31

[dan_s]

Summary of Weekly Petroleum Data for the week ending August 26, 2022

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending August 26, 2022 which was 17,000 barrels per day less than the previous week’s average.
Refineries operated at 92.7% of their operable capacity last week.
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 216,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 3.2% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 584,000 barrels per day, and distillate fuel imports averaged 208,000 barrels per day.

Focus on how low inventories are compared to the 5-year average. Distillates (diesel and heating oil) are now at CRITICAL LEVEL.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.3 million barrels from the previous week. At 418.3 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. < Commercial inventory of crude keeps falling despite the fact that we are draining the SPR.
> Total motor gasoline inventories decreased by 1.2 million barrels 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 increased by 0.1 million barrels last week and are about 23% below the five year average for this time of year.
> Propane/propylene inventories increased by 4.2 million barrels from last week and are about 8% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 0.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 6.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 6.4% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 8.8% from the same period last year.
Jet fuel product supplied was up 10.9% compared with the same four-week period last year.
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MY TAKE: We are now just 2.5 months away from the beginning of the winter heating season and all of our space heating fuels (heating oil, natural gas and propane) are well below the 5-year average. Keep in mind that we need a lot more of these space heating fuels than we did five years ago.

[Fraser921]

>Focus on how low inventories are compared to the 5-year average. Distillates (diesel and heating oil) are now at CRITICAL LEVEL.

Diesel is down 20 cents in last 3 days..makes no sense, following crude down