EIA Weekly Petroleum Report - June 23

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Summary of Weekly Petroleum Data for the week ending June 18, 2021

U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending June 18, 2021 which was 224,000 barrels per day less than the previous week’s average. Refineries operated at 92.2% of their operable capacity last week. < This high will keep drawing down crude oil inventories.
Gasoline production increased last week, averaging 10.3 million barrels per day.
Distillate fuel production increased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 197,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 1.0% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 840,000 barrels per day, and distillate fuel imports averaged 276,000 barrels per day.

Falling U.S. and OECD inventories are the PRIMARY DRIVER of oil prices.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.6 million barrels from the previous week. At 459.1 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.9 million barrels last week and are about 1% below 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 1.8 million barrels last week and are about 4% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.0 million barrels last week and are about 15% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 5.8 million barrels last week.

Total products supplied over the last four-week period averaged 19.5 million barrels a day, up by 14.5% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 14.1% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 18.9% from the same period last year.
Jet fuel product supplied was up 97.5% compared with the same four week period last year. < Jet fuel is the only product that has demand still below pre-pandemic levels, but jet fuel demand is rising fast.

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Bloomberg: Shale’s 400% rise in frack crews not enough to boost output
Even a more than 400% jump in the number of fracking crews working the U.S. shale patch isn’t enough to send oil output soaring. In fact, it’s just enough to keep production relatively flat this year, according to Primary Vision Inc., which has tracked data on frack crews since 2013. After an 85% tumble in the number of crews completing wells during the depths of the pandemic, the figure has steadily recovered over the past year. It now stands at 235, up from 45 on May 22, 2020.