EIA - Weekly Petroleum Report - AUG 7

[dan_s]

It is MY OPINION that it will take a MAJOR GLOBAL RECESSION to lower oil demand. The recent "market correction" was another tech bubble bursting with something to do with the Japanese Yen. Since the Tech Sector is a major part of the overall market, its decline caused the major indexes (Dow, S&P 500, etc.) to decline. Lots of funds were forced to sell good stocks to meet margin calls. The Energy Sector is not protected from "Market Risk". The fundamentals will support higher oil prices. The "Right Price" for WTI oil is within the range of $75 to $85.
---------------------
From EIA: Summary of Weekly Petroleum Data for the week ending August 2, 2024

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending August 2, 2024, which was 252 thousand barrels per day more than the previous week’s average.
Refineries operated at 90.5% 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 5.0 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 729 thousand barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 0.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 630 thousand barrels per day, and distillate fuel imports averaged 115 thousand barrels per day.

Inventories. Note that the "Big Three" are all below normal for this time of year

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 429.3 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year.

> Total motor gasoline inventories increased by 1.3 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 increased by 0.9 million barrels last week and are about 6% below the five year average for this time of year.

> Propane/propylene inventories increased by 0.5 million barrels from last week and are 13% above the five year average for this time of year.

>> Total commercial petroleum inventories increased by 1.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 2.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 1.5% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2.2% from the same period last year.
Jet fuel product supplied was down 1.2% compared with the same four-week period last year.