EIA - Petroleum Status Report - Apr 8

[dan_s]

Summary of Weekly Petroleum Data for the week ending April 3, 2020
U.S. crude oil refinery inputs averaged 13.6 million barrels per day during the week ending April 3, 2020 which was 1.3 million barrels per day less than the previous week’s average. Refineries operated at 75.6% of their operable capacity last week. < April is a low point for refinery utilization rate, but this is much lower than normal.
Gasoline production decreased last week, averaging 5.8 million barrels per day.
Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, down by 173,000 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 8.4% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 493,000 barrels per day, and distillate fuel imports averaged 185,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.2 million barrels from the previous week. At 484.4 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year. < Lots of storage capacity available, but it will fill up fast at this rate. Total storage capacity is ~640 million barrels, but operational capacity is lower (i.e. - all tanks can't be full at the same time).
> Total motor gasoline inventories increased by 10.5 million barrels last week and are about 10% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. < Obviously, we are driving a lot less and April is a seasonal low point for gasoline demand anyway.
> Distillate fuel inventories increased by 476 thousand barrels last week and are 12% below the five year average for this time of year. < Part of the reason distillate inventories are so low, is because the ultra light oil from shale is difficult to use to make diesel. This is also why we keep importing crude oil. We need heavy oil for our refineries.
> Propane/propylene inventories decreased by 168 thousand barrels last week and are 26% above the 5 year average for this time of year.
>> Total commercial petroleum inventories increased last week by 33.0 million barrels last week. < This might be the largest weekly build I've seen.

Total products supplied over the last four-week period averaged 18.3 million barrels a day, down by 10.7% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 7.6 million barrels a day, down by 19.2% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 7.9% from the same period last year.
Jet fuel product supplied was down 22.0% compared with the same four-week period last year. < The only good news for the Airline Industry is that jet fuel will be cheap if they every get back to flying.