EIA - Weekly Petroleum Report - June 12

[dan_s]

API reported declines in all of the Big Three inventories (Crude Oil, Gasoline and Distillates) for the week ending June 7.
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EIA Report

Summary of Weekly Petroleum Data for the week ending June 7, 2024

U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending June 7, 2024, which was 98 thousand barrels per day less than the previous week’s average.
Refineries operated at 95.0% of their operable capacity last week.
Gasoline production increased last week, averaging 10.1 million barrels per day.
Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 8.3 million barrels per day last week, increased by 1.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.2 million barrels per day, 11.4% more than the same four-week period last year. < This significant increase in crude oil imports explains the build in commercial oil inventories below.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 912 thousand barrels per day, and distillate fuel imports averaged 91 thousand barrels per day.

Inventories:
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.7 million barrels from the previous week. At 459.7 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.
> Total motor gasoline inventories increased by 2.6 million barrels from last week and are slightly below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week.
> Distillate fuel inventories increased by 0.9 million barrels last week and are about 7% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.0 million barrels from last week and are 11% above the five year average for this time of year.
>> Total commercial petroleum inventories increased by 11.5 million barrels last week.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 0.8% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, down by 1.3% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 3.5% from the same period last year.
Jet fuel product supplied was up 11% compared with the same four-week period last year.

[aja57]

From Nuttall..
https://x.com/ericnuttall/status/1800914095228797018