Summary of Weekly Petroleum Data for the week ending July 2, 2021
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending July 2, 2021 which was 184,000 barrels per day less than the previous week’s average. Refineries operated at 92.2% of their operable capacity last week. < As long as refineries are operating at more than 90% capacity, U.S. crude oil inventories should continue to fall.
Gasoline production increased last week, averaging 10.6 million barrels per day.
Distillate fuel production decreased last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 2.2% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day, and distillate fuel imports averaged 131,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week. At 445.5 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 6.1 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories increased by 1.6 million barrels last week and are about 6% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.5 million barrels last week and are about 18% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 9.9 million barrels last week.
Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 17.8% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 12.5% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 17.9% from the same period last year.
Jet fuel product supplied was up 81.9% compared with the same four week period last year.
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Very bullish report with oil inventories continuing to push closer to the bottom of the 5-year range and all inventories below the 5-year average for this time of year. Keep in mind that we consume more oil based products than we did 5 years ago.
EIA Weekly Petroleum Report - July 8
EIA Weekly Petroleum Report - July 8
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA Weekly Petroleum Report - July 8
AEGIS Notes
> EIA reported a draw of -6866 MBbls in U.S. crude-oil inventories for the week ending 7/2/2021. This was larger than the average estimate of -4478 MBbls as reported by Bloomberg.
> Prices were up five minutes following the announcement, to $72.06, from $71.66 just before 10:00am.
> Inventories for the US are now at a deficit of 88.051 MBbls to last year and a deficit of 37.83 MBbls to the five-year average.
> EIA reported a draw of -6866 MBbls in U.S. crude-oil inventories for the week ending 7/2/2021. This was larger than the average estimate of -4478 MBbls as reported by Bloomberg.
> Prices were up five minutes following the announcement, to $72.06, from $71.66 just before 10:00am.
> Inventories for the US are now at a deficit of 88.051 MBbls to last year and a deficit of 37.83 MBbls to the five-year average.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group