EIA Weekly Petroleum Report - Dec 28

[dan_s]

Keep in mind that EIA weekly reports are always estimates and they are even more suspect during the Christmas/New Year holiday period.
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EIA Summary of Weekly Petroleum Data for the week ending December 22, 2023

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending December 22, 2023, which was 109 thousand barrels per day more than the previous week’s average.
Refineries operated at 93.3% of their operable capacity last week.
Gasoline production increased last week, averaging 10.0 million barrels per day.
Distillate fuel production increased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, decreased by 415 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 8.2% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 521 thousand barrels per day, and distillate fuel imports averaged 238 thousand barrels per day.

Inventories
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.9 million barrels from the previous week. At 436.6 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.6 million barrels from last week and are about 2% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.
> Distillate fuel inventories increased by 0.8 million barrels last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.7 million barrels from last week and are 13% above the five year average for this time of year. < U.S. export capacity for Propane and other NGLs has significantly increased over the last two years, so higher than the 5-year average inventories are needed to support the higher demand level.
>> Total commercial petroleum inventories decreased by 17.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels a day, down by 0.5% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 1.6% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 0.8% from the same period last year.
Jet fuel product supplied was up 2.7% compared with the same four-week period last year.
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Crude oil- based inventories are adequate, but below "normal" for this time of year. Weather forecasts, which now look colder than normal for January, will be the primary driver of natural gas and propane prices.