EIA Weekly Petroleum Report - Oct 19

[dan_s]

Summary of Weekly Petroleum Data for the week ending October 13, 2023

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending October 13, 2023, which was 192 thousand barrels per day more than the previous week’s average.
Refineries operated at 86.1% of their operable capacity last week. < Several refineries do maintenance during October. When they come back online, crude oil inventories will be drained.
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production decreased last week, averaging 4.7 million barrels per day. < We need more Black Oil.

U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 387 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 5.5% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 706 thousand barrels per day, and distillate fuel imports averaged 77 thousand barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.5 million barrels from the previous week. At 419.7 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.4 million barrels from last week and are slightly above the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week. < So, the fear of falling demand for gasoline that EIA created by their error correction two weeks ago was overblown. Remember that gasoline demand always declines a bit after the kids go back to school.
> Distillate fuel inventories decreased by 3.2 million barrels last week and are about 12% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.8 million barrels from last week and are 18% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 11.9 million barrels last week.

Total products supplied over the last four-week period averaged 20.2 million barrels a day, down by 0.9% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 3.1% from the same period last year.
Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 5.1% from the same period last year.
Jet fuel product supplied was down 0.2% compared with the same four-week period last year.