EIA Weekly Petroleum Report - Sept 21

[dan_s]

Summary of Weekly Petroleum Data for the week ending September 16, 2022

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending September 16, 2022 which was 333,000 barrels per day more than the previous week’s average.
Refineries operated at 93.6% of their operable capacity last week.
> Gasoline production increased last week, averaging 9.5 million barrels per day.
> Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1.2 million barrels per day from the previous week. < This is why crude oil inventories increased.
> Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 4.5% more than the same four-week period last year.
> Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 775,000 barrels per day, and distillate fuel imports averaged 107,000 barrels per day.

Focus on the inventory deficits to the 5-year average.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.1 million barrels from the previous week. At 430.8 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.

> Total motor gasoline inventories increased by 1.6 million barrels from last week and are about 5% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week.

> Distillate fuel inventories increased by 1.2 million barrels last week and are about 18% below the five year average for this time of year.

> Propane/propylene inventories increased by 3.3 million barrels from last week and are about 2% below the five year average for this time of year.

>> Total commercial petroleum inventories increased by 9.2 million barrels last week.

Total products supplied over the last four-week period averaged 19.6 million barrels a day, down by 6.7% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 7.7% from the same period last year.
Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 15.7% from the same period last year.
Jet fuel product supplied was down 4.7% compared with the same four-week period last year.

[dan_s]

On tomorrow's live webinar I will be joined by two oil and gas market experts, John Saucer and Zane Curry from Mobius Risk Group.

I have seen the slides they are going to speak from. You do not want to miss this opportunity to learn more about all of the things that are impacting the global oil market. The oil market is tight today and likely to be VERY TIGHT by year-end.

Today we are in the "Shoulder Season" when supply MUST be higher than demand so we can build up refined product inventories to get us through the winter. As you can see from EIA's report, the refiners have made some progress, but distillate inventories (diesel and heating oil) are still way below where they need to be.

You must register on the EPG website home page if you wish to attend the live webinar.