EIA Weekly Petroleum Report - July 27

[dan_s]

Summary of Weekly Petroleum Data for the week ending July 22, 2022

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending July 22, 2022 which was 292,000 barrels per day less than the previous week’s average.
Refineries operated at 92.2% of their operable capacity last week. < Higher utilization rate is necessary to rebuild our depleted fuel inventories.
Gasoline production increased last week, averaging 9.7 million barrels per day.
Distillate fuel production decreased last week, still averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 0.4 million barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 1.9% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 599,000 barrels per day, and distillate fuel imports averaged 124,000 barrels per day.

Focus on the deficit to the 5-year average. Supply/Demand of transportation fuels is extremely tight for this time of year.
Risk of a hurricane causing fuel rationing is HIGH.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.5 million barrels from the previous week. At 422.1 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. < Note that despite draining the SPR by close to a million bpd our commercial crude oil inventories fell.
> Total motor gasoline inventories decreased by 3.3 million barrels last week and are about 4% below the five year average for this time of year. Both finished gasoline inventories and blending components inventories decreased last week.
> Distillate fuel inventories decreased by 0.8 million barrels last week and are about 23% below the five year average for this time of year.
> Propane/propylene inventories increased by 2.6 million barrels last week and are about 12% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 3.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 2.9% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 7.1% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 0.6% from the same period last year.
Jet fuel product supplied was up 9.9% compared with the same four-week period last year
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MY TAKE is that it is hard to believe we aren't rationing diesel already. Sure would be nice to be able to get more heavy oil from Canada, but pipeline capacity is maxed out.