EIA Weekly Petroleum Report - Dec 8

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Focus should be on how low inventories are compared to the 5-year averages.

Summary of Weekly Petroleum Data for the week ending December 3, 2021

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending December 3, 2021 which was 153,000 barrels per day more than the previous week’s average.
Refineries operated at 89.8% of their operable capacity last week. < Needs to go over 90%.
Gasoline production decreased last week, averaging 9.6 million barrels per day.
Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 105,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 15.1% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 558,000 barrels per day, and distillate fuel imports averaged 269,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.2 million barrels from the previous week. At 432.9 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year.
> Total motor gasoline inventories increased by 3.9 million barrels last week and are about 5% below the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.
> Distillate fuel inventories increased by 2.7 million barrels last week and are about 7% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.6 million barrels last week and are about 11% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 4.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 10.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 13.7% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 6.1% from the same period last year. Jet fuel product supplied was up 27.0% compared with the same four week period last year

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Need for investment is critical for oil, gas industry: World Petroleum Congress panelists. S&P Global.
More investment is needed in the upstream oil and gas sector not only to sustain production as global demand grows, but to drive the transition to cleaner energies, conference panelists said Dec. 7. Oil and gas investment declined in 2020 and 2021 because of the pandemic, which is a "recipe for more volatility," Joseph McMonigle, secretary-general for the International Energy Forum, said on a panel at the World Petroleum Congress. According to a report released Dec. 7 by the IEF and IHS Markit, the "next two years will be critical for sanctioning and allocating capital toward new projects to ensure adequate oil and gas supply comes online within the next 5-6 years."