EIA - Weekly Petroleum Report - July 24

[dan_s]

The conference is over, and I am sitting in the Boston airport until 3:30ET. The conference was focused on real estate and energy. I believe I drew the largest crowd. Lots of attendees are concerned about the upcoming election. U.S. Energy Development, which recently hosted a Houston Luncheon for us also drew a large crowd.

This is a bullish storage report that should push oil prices up.

Summary of Weekly Petroleum Data for the week ending July 19, 2024

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending July 19, 2024, which was 521 thousand barrels per day less than the previous week’s average.
Refineries operated at 91.6% of their operable capacity last week. Hurricane Beryl might have impacted a few Gulf Coast refineries.
Gasoline production increased last week, averaging 10.2 million barrels per day.
Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, decreased by 166 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 2.9% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 778 thousand barrels per day, and distillate fuel imports averaged 112 thousand barrels per day.

Inventories. Big 3 all down.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 436.5 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 5.6 million barrels from last week and are about 2% below the five year average for this time of year. Both finished gasoline and blending components inventories decreased last week.
> Distillate fuel inventories decreased by 2.8 million barrels last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.8 million barrels from last week and are 15% above the five year average for this time of year. < Demand for U.S. LPG is WAY UP thanks to a big increase in export capacity.
>>> Total commercial petroleum inventories decreased by 4.6 million barrels last week.

Total products supplied over the last four-week period averaged 20.6 million barrels a day, up by 0.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.3 million barrels a day, up by 2.5% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 3.2% from the same period last year.
Jet fuel product supplied was up 3.8% compared with the same four week period last year.