EIA Weekly Petroleum Report - April 20

[dan_s]

Note that despite draining the Strategic Petroleum Reserves and the full impact of the ban on Russian oil yet to materialize, U.S. commercial crude oil inventories are falling AND remain outside the bottom of the 5-year range.

Summary of Weekly Petroleum Data for the week ending April 15, 2022

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending April 15, 2022 which was 194,000 barrels per day more than the previous week’s average.
Refineries operated at 91.0% of their operable capacity last week. < This MUST go over 95% in order to rebuild our transportation fuel inventories.
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 5.8 million barrels per day last week, down by 159,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 3.1% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 597,000 barrels per day, and distillate fuel imports averaged 104,000 barrels per day.

Focus on the deficits to the 5-year average.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.0 million barrels from the previous week. At 413.7 million barrels, U.S. crude oil inventories are about 15% below the five year average for this time of year.

> Total motor gasoline inventories decreased by 0.8 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.

> Distillate fuel inventories decreased by 2.7 million barrels last week and are about 20% below the five year average for this time of year. < This country's economy runs on diesel. I cannot stress enough how critical this inventory deficit is. WE MUST HAVE A STEADY SUPPLY OF DIESEL.

> Propane/propylene inventories increased by 1.6 million barrels last week and are about 16% below the five year average for this time of year. < This will become a big problem as winter approaches.

>> Total commercial petroleum inventories decreased by 8.1 million barrels last week.

Total products supplied over the last four-week period averaged 19.4 million barrels a day, down by 1.5% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 3.0% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 6.4% from the same period last year.
Jet fuel product supplied was up 15.7% compared with the same four-week period last year.