EIA Weekly Petroleum Report - July 26

[dan_s]

Summary of Weekly Petroleum Data for the week ending July 21, 2023

U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending July 21, 2023, which was 107 thousand barrels per day less than the previous week’s average.
Refineries operated at 93.4% of their operable capacity last week. < Need to run over 95% to fill gasoline and diesel inventories.
Gasoline production decreased last week, averaging 9.5 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 807 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 1% more than the same four-week period last year. < The U.S. has been exporting less ultra-light shale oil recently. So, NET IMPORTS keep crude oil inventories near normal.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 754 thousand barrels per day, and distillate fuel imports averaged 160 thousand barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.6 million barrels from the previous week. At 456.8 million barrels, U.S. crude oil inventories are approximately 2% above the five year average for this time of year. < Thanks to draws from the SPR.
> Total motor gasoline inventories decreased by 0.8 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.
> Distillate fuel inventories decreased by 0.2 million barrels last week and are about 14% below the five year average for this time of year.
> Propane/propylene inventories increased 1.0 million barrels from last week and are 23% above the five year average for this time of year. < Big surplus of propane keep pressure on NGL prices.
>> Total commercial petroleum inventories decreased by 0.5 million barrels last week. < We won't see the impact of Saudi Arabia's production cuts until late August or September. From loading of tankers to delivery in the U.S. takes over two months.

Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 2.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 2.6% from the same period last year.
Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks, down by 6.8% from the same period last year.
Jet fuel product supplied was up 0.5% compared with the same four-week period last year.
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Diesel inventories have to be getting extremely tight in some regions. My advice is that if you heat your home or business with heating oil, fill up your tanks early. Heating oil could be rationed during the 2023/2024 winter and prices will be high.