EIA Weekly Petroleum Report - Dec 29

[dan_s]

Summary of Weekly Petroleum Data for the week ending June 23, 2023

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending June 23, 2023, which was 215 thousand barrels per day less than the previous week’s average.
Refineries operated at 92.2% of their operable capacity last week.
Gasoline production increased last week, averaging 10.1 million barrels per day.
Distillate fuel production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.6 million barrels per day last week, increased by 418 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 0.6% more the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 857 thousand barrels per day, and distillate fuel imports averaged 119 thousand barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.6 million barrels from the previous week. At 453.7 million barrels, U.S. crude oil inventories are approximately 1% below the five year average for this time of year. < Last week I took a look at total U.S. petroleum inventories (including the SPR) and found that they have declined from a peak of 2,117.6 million barrels in July 2020 to 1,619.1 million barrels mid-June 2022. The 23.5% decline puts U.S. petroleum inventories at a 19 year low.
> Total motor gasoline inventories increased by 0.6 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week.
> Distillate fuel inventories increased by 0.1 million barrels last week and are about 14% below the five year average for this time of year.
> Propane/propylene inventories increased 2.6 million barrels from last week and are 27% above the five year average for this time of year. < This is a very small percentage of our refined product inventories and a tiny percentage of our transportation fuels.
> Total commercial petroleum inventories decreased by 5.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.2 million barrels a day, up by 1.3% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.3 million barrels a day, up by 3.8% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 0.1% from the same period last year.
Jet fuel product supplied was up 9.6% compared with the same four-week period last year.
------------------------------
Our refineries need to be running at more than 95% to keep up with rising demand for transportation fuels.
Keep in mind that we use a lot more of oil-based products today than the 5-year average, which includes two pandemic years.