EIA Weekly Petroleum Report - Jan 5

[dan_s]

Summary of Weekly Petroleum Data for the week ending December 30, 2022

U.S. crude oil refinery inputs averaged 13.8 million barrels per day during the week ending December 30, 2022 which was 2.3 million barrels per day less than the previous week’s average. < This is the reason for the build in crude oil inventories.
Refineries operated at 79.6% of their operable capacity last week.
Gasoline production decreased last week, averaging 8.5 million barrels per day.
Distillate fuel production decreased last week, averaging 4.0 million barrels per day.

U.S. crude oil imports averaged 5.7 million barrels per day last week, decreased by 540,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 2.6% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 551,000 barrels per day, and distillate fuel imports averaged 113,000 barrels per day.

Focus on the deficits to the 5-year averages and think how low our commercial crude oil inventories would be if Biden had not take 180 million barrels from the SPR.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.7 million barrels from the previous week. At 420.6 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.3 million barrels from last week and are about 6% 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 1.4 million barrels last week and are about 14% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.7 million barrels from last week and are 15% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 3.1 million barrels last week.

Total products supplied over the last four-week period averaged 20.5 million barrels a day, down by 4.3% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 7.0% from the same period last year.
Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 12.4% from the same period last year.
Jet fuel product supplied was up 5.1% compared with the same four-week period last year.
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The low distillate fuel inventories (diesel and heating oil) are the concerning. If we actually do keep refilling the SPR, the inventories will decline in Q2.