EIA - Weekly Petroleum Report Nov 7

[dan_s]

Summary of Weekly Petroleum Data for the week ending November 2, 2018

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending November 2, 2018, which was 9,000 barrels per day less than the previous week’s average. Refineries operated at 90.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day. < Refiners are coming out of their annual maintenance period and should ramp up to 95% of operable capacity within a few weeks. This means draws from crude oil storage.

U.S. crude oil imports averaged 7.5 million barrels per day last week, up by 195,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.5 million barrels per day, 1.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 591,000 barrels per day, and distillate fuel imports averaged 166,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.8 million barrels from the previous week. At 431.8 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year.
> Total motor gasoline inventories increased by 1.9 million barrels last week and are about 8% above 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 3.5 million barrels last week and are about 6% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.5 million barrels last week and are at the five year average for this time of year.
>>Total commercial petroleum inventories increased last week by 4.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 4.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, down by 1.4% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the past four weeks, up by 6.1% from the same period last year. Jet fuel product supplied was down 1.9% compared with the same four-week period last year.

Go to the details here ( https://www.eia.gov/dnav/pet/pet_sum_sn ... _nus_w.htm ) and scroll down to "Days of Supply". We use a heck of a lot more of this stuff than we did five years ago, so comparing inventories to the five year average is not how the market should be looking at this. Global supplies are going to get much tighter when heating oil demand ramps up. Mother Nature is on the way.