EIA Weekly Petroleum Report - Oct 19

[dan_s]

Summary of Weekly Petroleum Data for the week ending October 14, 2022

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending October 14, 2022 which was 132,000 barrels per day less than the previous week’s average.
Refineries operated at 89.5% of their operable capacity last week. < This is too low to keep refined product inventories from falling.
Gasoline production increased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 4.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 475,000 barrels per day, and distillate fuel imports averaged 111,000 barrels per day.

Focus on how low inventories are compared to the 5 year average.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 437.4 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. < So, even with draws from the SPR, commercial inventories fell.
> Total motor gasoline inventories decreased by 0.1 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories were unchanged, but blending components inventories decreased last week.
> Distillate fuel inventories increased by 0.1 million barrels last week and are about 20% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.5 million barrels from last week and are 2% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 2.5 million barrels last week.

Total products supplied over the last four-week period averaged 20.4 million barrels a day, down by 2.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 6.4% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 1.1% from the same period last year.
Jet fuel product supplied was up 7.5% compared with the same four-week period last year.
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EIA does not show details for distillate inventories. I have seen estimates that heating oil inventories in New England may be up to 40% below normal in some areas because refiners have been focused on meeting demand for diesel. If you heat your home with oil, I highly recommend that you contact your heating oil supplier and fill your tanks NOW. Because heating oil rationing may be required in the NE US. This should not be happening in America.