EIA Weekly Petroleum Report - Sept 20

[dan_s]

Summary of Weekly Petroleum Data for the week ending September 15, 2023

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending September 15, 2023, which was 496 thousand barrels per day less than the previous week’s average.
Refineries operated at 91.9% of their operable capacity last week.
Gasoline production increased last week, averaging 9.7 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 1.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.9 million barrels per day, 7.9% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 511 thousand barrels per day, and distillate fuel imports averaged 83 thousand barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.1 million barrels from the previous week. At 418.5 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.8 million barrels from last week and are about 3% 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 2.9 million barrels last week and are about 14% below the five year average for this time of year.
> Propane/propylene inventories increased 1.6 million barrels from last week and are 20% above the five year average for this time of year.
> Total commercial petroleum inventories increased by 3.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 6.8% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 2.8% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 11.5% from the same period last year.
Jet fuel product supplied was up 14.2% compared with the same four week period last year.

[ChuckGeb]

Where do you see the projected 500 million barrels of short supply over last 6 months of 2023 showing up? Do we need to float some weather balloons over China? Funny API projected a 5.5 million deficit. You don’t think EIA would fudge the numbers, do you?

[dan_s]

The decline in global petroleum inventories is likely to show up more outside of the U.S. since as a "wealthy country" we will keep buying oil no matter what the price is.
EIA is not as bad as IEA when it comes to "adjusting" the numbers to match the agenda.

[dan_s]

With Cushing Hitting "Tank Bottoms" Goldman Hikes Oil Price Target To $100
BY TYLER DURDEN
WEDNESDAY, SEP 20, 2023 - 09:16 AM

After tagging $96 yesterday, Brent’s torrid rally hit the pause button overnight, which - as Bloomberg's Jake Lloyd-Smith writes - makes sense given the extremely stretched RSIs and pre-FOMC caution. Still, the next signal of the fast-tightening physical market may be just around the corner, potentially buttressing the case that any reversal in crude prices will be temporary.

As a reminder, Wednesday brings the DOE's weekly stockpile breakdown, a key window into what’s happening in tank farms across the world’s largest economy. Well, as we noted last night, the latest API estimates suggested that there will be a further drawdown in nationwide crude holdings, including a drop at the vital storage hub in Cushing, Oklahoma.

This matters because as Lloyd-Smith notes, crude inventories at that site have collapsed by 42% so far this quarter, putting them on pace for a record decline! They were last down to about 25 million barrels after falling in 10 of the past 11 weeks...

Read a lot more here: https://www.zerohedge.com/commodities/cushing-hitting-tank-bottoms-goldman-hikes-oil-price-target-100