EIA - Petroleum Status Report - Mar 4

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Summary of Weekly Petroleum Data for the week ending February 28, 2020

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending February 28, 2020, which was 312,000 barrels per day less than the previous week’s average. Refineries operated at 86.9% of their operable capacity last week. < Refiners do semi-annual maintenance projects on units during March-April. Inputs start ramping up in mid-April as refiners start producing more summer blend gasoline and diesel.
Gasoline production decreased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, up by 21,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 2.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 511,000 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 800 thousand barrels from the previous week. At 444.1 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 4.3 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 4.0 million barrels last week and are about 7% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.6 million barrels last week and are about 37% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 11.9 million barrels last week. < There is on "glut" in this part of the world.

Total products supplied over the last four-week period averaged 20.4 million barrels per day, down by 0.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, up by 1.0% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels per day over the past four weeks, down by 3.8% from the same period last year. Jet fuel product supplied was down 5.5% compared with the same four-week period last year.

In a "Normal World" (one not engulfed in FEAR of the COVID-19 Angel of Death Virus), a weekly report like this (obvious strong demand for transportation fuel) would send oil prices higher.