EIA Weekly Petroleum Data - week ending 9/9/22

[cmm3rd]

Summary of Weekly Petroleum Data for the week ending September 9, 2022

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending
September 9, 2022 which was 94,000 barrels per day more than the previous week’s average.
Refineries operated at 91.5% of their operable capacity last week. Gasoline production decreased
last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week,
averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 988,000
barrels per day from the previous week. Over the past four weeks, crude oil imports averaged
about 6.2 million barrels per day, 2.6% more than the same four-week period last year. Total
motor gasoline imports (including both finished gasoline and gasoline blending components) last
week averaged 522,000 barrels per day, and distillate fuel imports averaged 125,000 barrels per
day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
increased by 2.4 million barrels from the previous week. At 429.6 million barrels, U.S. crude oil
inventories are about 2% below the five year average for this time of year. Total motor gasoline
inventories decreased by 1.8 million barrels from last week and are about 6% below the five year
average for this time of year. Both finished gasoline and blending components inventories
decreased last week. Distillate fuel inventories increased by 4.2 million barrels last week and are
about 21% below the five year average for this time of year. Propane/propylene inventories
increased by 3.8 million barrels from last week and are about 6% below the five year average for
this time of year. Total commercial petroleum inventories increased by 5.5 million barrels last
week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down
by 7.0% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 8.6 million barrels a day, down by 9.0% from the same period last year.
Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks,
down by 11.0% from the same period last year. Jet fuel product supplied was up 2.5% compared
with the same four-week period last year.

[cmm3rd]

At 429.6 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.

A poster on the IV Energy Investing mb wrote:

When we include the SPR, oil inventories averaged 1.0936 billion barrels from 2017 through Dec. 2021, versus 866 million barrels now, meaning we are 20.8% below the five year average for this time of year.

[cmm3rd]

Not to be overlooked was this notice that accompanied today's report:

Crude Oil Production Re-benchmarking Notice: When we release the Short-Term Energy Outlook (STEO) each month, the weekly estimates of domestic crude oil production are reviewed to identify any differences between recent trends in survey-based domestic production reported in the Petroleum Supply Monthly (PSM) and other current data. If we find a large difference between the two series, we may re-benchmark the weekly production estimate on weeks when we release STEO. This week’s domestic crude oil production estimate incorporates a re-benchmarking that lowered estimated volumes by 212,000 barrels per day, which is about 1.7% of this week’s estimated production total.

[dan_s]

A tiny bit of progress on the distillates inventory, but still much lower than it should be this time of year.

Keep in mind that we are in the middle of the "Shoulder Season" for all space heating fuels demand; ngas, heating oil and propane. This is when we should be seeing big inventory builds.