EIA Petroleum Report - Aug 9

[dan_s]

Summary of Weekly Petroleum Data for the week ending August 4, 2023

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending August 4, 2023, which was 62 thousand barrels per day more than the previous week’s average.
Refineries operated at 93.8% of their operable capacity last week.
Gasoline production increased last week, averaging 9.9 million barrels per day.
Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 14 thousand barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 2.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 684 thousand barrels per day, and distillate fuel imports averaged 65 thousand barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.9 million barrels from the previous week. At 445.6 million barrels, U.S. crude oil inventories are slightly below the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.7 million barrels from last week and are about 7% below the five year average for this time of year.
> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 17% below the five year average for this time of year. < This is a serious concern since diesel rationing would be bad for the US economy.
> Propane/propylene inventories increased 1.3 million barrels from last week and are 24% above the five year average for this
time of year. < This going to keep ngl prices low. I will be moving AR out of the Sweet 16 and replacing it with FANG.
> > Total commercial petroleum inventories increased by 7.1 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 2.9% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 1.4% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 0.5% from the same period last year.
Jet fuel product supplied was up 4.3% compared with the same four-week period last year.
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Demand for transportation fuels remains higher that what is being produced.
Refinery utilization should be over 95% to keep up with fuel demand.