EIA Weekly Petroleum Report - April 22

[dan_s]

Summary of Weekly Petroleum Data for the week ending April 17, 2020

U.S. crude oil refinery inputs averaged 12.5 million barrels per day during the week ending April 17, 2020 which was 209,000 barrels per day less than the previous week’s average. Refineries operated at 67.6% of their operable capacity last week. < This is WAY BELOW where refinery inputs should be for this time of year. Demand for transportation fuels are way down.
> Gasoline production increased last week, averaging 6.2 million barrels per day.
> Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 4.9 million barrels per day last week, decreased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged
about 5.6 million barrels per day, 15.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last
week averaged 368,000 barrels per day, and distillate fuel imports averaged 106,000 barrels per day. < A positive more would be for Trump to ban all imports ASAP.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.0 million barrels from the previous week. At 518.6 million barrels, U.S. crude
oil inventories are about 9% above the five year average for this time of year. < Working Storage will be full in 3-4 weeks at this rate.
> Total motor gasoline inventories increased by 1.0 million barrels last week and are about 12% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.
> Distillate fuel inventories increased by 7.9 million barrels last week and are about 1% below the five year average for this time of year. < Distillate demand should hold up better than gasoline demand. On our road trip to Dallas last week we saw a lot of trucks on the highway.
> Propane/propylene inventories increased by 0.7 million barrels last week and are about 16% above the five year average for this time of year.
>> Total commercial petroleum inventories increased last week by 25.5 million barrels last week. < This cannot continue.

Total products supplied over the last four-week period averaged 15.0 million barrels a day, down by 25.4% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 5.5 million barrels a day, down by 41.4% from the same period last year.
Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 9.8% from the same period last year. Jet fuel product supplied was down 53.6% compared with the same four-week period last year.