Summary of Weekly Petroleum Data for the week ending August 20, 2021
U.S. crude oil refinery inputs averaged 16.1 million barrels per day during the week ending August 20, 2021 which was 66,000 barrels per day more than the previous week’s average. < Here I want to point out that the 20 million barrels of oil that Team Biden is going to sell from the U.S. strategic petroleum reserve ("SPR") is not even a two day supply for our refineries. IMO the SPR should NEVER BE USED FOR POLITICAL REASONS. The SPR was created just in case we are shut off from the Middle East oil supplies, which may happen when Iran gets weapons grade uranium.
Refineries operated at 92.4% of their operable capacity last week.
Gasoline production increased last week, averaging 10.2 million barrels per day.
Distillate fuel production increased last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 193,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 8.8% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 288,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.0 million barrels from the previous week. At 432.6 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 2.2 million barrels last week and are about 3% 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 0.6 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories increased by 2.0 million barrels last week and are about 17% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 4.8 million barrels last week.
Total products supplied over the last four-week period averaged 21.0 million barrels a day, up by 13.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 8.0% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 6.8% from the same period last year.
Jet fuel product supplied was up 45.4% compared with the same four week period last year.
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Conclusion: Despite the FEAR of the Covid Delta Variant, demand for oil and oil based products remains high in the U.S. Since U.S. oil production is down 1.5 million barrels per day from the peak in November, 2019 we are forced to import more oil and drain our vital inventories. Days of Supply for oil, gasoline and diesel are all below 30 days of supply. Propane inventories are dangerously low and unlikely to rebuild in time for us to make it through a cold winter. People in rural areas that use propane for space heating and cooking will be wise to get a few extra tanks of propane in December. This should keep NGL prices very high all winter.
EIA Weekly Petroleum Report - August 25
EIA Weekly Petroleum Report - August 25
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA Weekly Petroleum Report - August 25
OECD oil inventories keep falling.
As I have stressed in many of my weekly podcasts, OECD oil inventories are the primary driver of oil prices. This tells me that if we ever get out of "Pandemic World" the price of oil could quickly go to $100/bbl.
By Rachel Graham
(Bloomberg) -- Crude inventories in Europe’s key oil-trading hub have fallen to the lowest since March 2020, partly due to constrained supply from Russia and the North Sea.
The draw in stockpiles has been evident mainly in Rotterdam, where Royal Dutch Shell Plc and BP Plc operate the region’s two biggest refineries. Crude supply in the area, where everything from Russia’s Urals grade to diesel and biofuels are priced, is now at the lowest for the time of year since 2014.
Reduced supply from Russia and the North Sea -- where output has been curbed by maintenance -- have contributed to the shrinkage in stockpiles, according to industry consultant Energy Aspects Ltd. Some Middle East producers have set their prices higher, also limiting shipments into Europe. That coincides with higher refinery runs in the area.
“European demand is seeing a late summer recovery with improved refining margins,” Jane Rangel, a crude analyst with Energy Aspects, said by email. “Turnarounds are low this month, leaving August runs hitting an 18-month high as refineries maximize use of conversion units.”
Crude inventories in the U.S. are already below their five-year seasonal average, and the nation this week announced a release from its strategic reserves. The International Energy Agency highlighted drawing supplies in its last report, saying crude inventories in developed nations slid by almost double the usual amount in June, while product stocks dropped counter- seasonally.
The crude data for the Amsterdam-Rotterdam-Antwerp area are compiled by Genscape, a unit of Wood Mackenzie Ltd. Inventories for the area slid by 5.1 million barrels in the week ended Aug. 20 to 49.9 million, its figures show.
As I have stressed in many of my weekly podcasts, OECD oil inventories are the primary driver of oil prices. This tells me that if we ever get out of "Pandemic World" the price of oil could quickly go to $100/bbl.
By Rachel Graham
(Bloomberg) -- Crude inventories in Europe’s key oil-trading hub have fallen to the lowest since March 2020, partly due to constrained supply from Russia and the North Sea.
The draw in stockpiles has been evident mainly in Rotterdam, where Royal Dutch Shell Plc and BP Plc operate the region’s two biggest refineries. Crude supply in the area, where everything from Russia’s Urals grade to diesel and biofuels are priced, is now at the lowest for the time of year since 2014.
Reduced supply from Russia and the North Sea -- where output has been curbed by maintenance -- have contributed to the shrinkage in stockpiles, according to industry consultant Energy Aspects Ltd. Some Middle East producers have set their prices higher, also limiting shipments into Europe. That coincides with higher refinery runs in the area.
“European demand is seeing a late summer recovery with improved refining margins,” Jane Rangel, a crude analyst with Energy Aspects, said by email. “Turnarounds are low this month, leaving August runs hitting an 18-month high as refineries maximize use of conversion units.”
Crude inventories in the U.S. are already below their five-year seasonal average, and the nation this week announced a release from its strategic reserves. The International Energy Agency highlighted drawing supplies in its last report, saying crude inventories in developed nations slid by almost double the usual amount in June, while product stocks dropped counter- seasonally.
The crude data for the Amsterdam-Rotterdam-Antwerp area are compiled by Genscape, a unit of Wood Mackenzie Ltd. Inventories for the area slid by 5.1 million barrels in the week ended Aug. 20 to 49.9 million, its figures show.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group