EIA Weekly Petroleum Report - July 7

[dan_s]

Summary of Weekly Petroleum Data for the week ending July 1, 2022

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending July 1, 2022 which was 228,000 barrels per day less than the previous week’s average.
Refineries operated at 94.5% of their operable capacity last week. < U.S. refiners rarely operate at more than 95% capacity because something is always shutdown for maintenance. So, Biden can keep blaming them for low supplies of fuel, but they are doing the best they can.
Gasoline production increased last week, averaging 10.3 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day.

U.S. crude oil imports averaged 6.8 million barrels per day last week, increased by 0.8 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 0.3% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 945,000 barrels per day, and distillate fuel imports averaged 104,000 barrels per day.

Focus on how low inventories are compared to the 5 year average and remember that we use more oil-based fuels than we did 5 years ago.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.2 million barrels from the previous week. At 423.8 million barrels, U.S. commercial crude oil inventories are about 10% below the five year average for this time of year. < "Commercial crude inventories" are up because we are draining the SPR and importing more oil.
> Total motor gasoline inventories decreased by 2.5 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline inventories increased and blending components inventories decreased last week.
> Distillate fuel inventories decreased by 1.3 million barrels last week and are about 20% below the five year average for this time of year. < Diesel inventories are dangerously low. If a hurricane shuts down several Gulf Coast refineries, it is likely to cause diesel and maybe gasoline rationing. This would make our supply chain problems worse. Keep some extra food in the pantry.
> Propane/propylene inventories increased by 0.9 million barrels last week and are about 16% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 5.1 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 4.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, down by 5.5% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 5.3% from the same period last year.
Jet fuel product supplied was up 15.0% compared with the same four-week period last year.