EIA - Weekly Petroleum Report - Feb 28

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Summary of Weekly Petroleum Data for the week ending February 23, 2024

U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending February 23, 2024, which was 100 thousand barrels per day more than the previous week’s average.
Refineries operated at 81.5% of their operable capacity last week. < This is the primary reason for the build in crude oil inventories. BP's refinery in Indiana with 435,000 bpd of capacity has been down since Feb. 1. It is expected to ramp up during first week of March.
Gasoline production increased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 4.3 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 269 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 2.3% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 384 thousand barrels per day, and distillate fuel imports averaged 112 thousand barrels per day.

Inventories:
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.2 million barrels from the previous week. At 447.2 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 2.8 million barrels from last week and are about 2% 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 0.5 million barrels last week and are about 8% below the five year average for this time of year. < Diesel inventories are very tight with a high demand period just ahead.
> Propane/propylene inventories decreased by 3.4 million barrels from last week and are 1% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 3.2 million barrels last week.

Total products supplied over the last four-week period averaged 19.5 million barrels a day, down by 3.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 3.1% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 3.0% from the same period last year.
Jet fuel product supplied was up 2.9% compared with the same four-week period last year.

Beginning mid-March we will see a steady increase in demand for transportation fuels. Refinery utilization needs to ramp up to 95% of capacity soon to keep up with demand for gasoline, diesel and jet fuel.