EIA Weekly Petroleum Status Report - Dec 27

[dan_s]

Summary of Weekly Petroleum Data for the week ending December 20, 2024

U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending December 20, 2024, which was 205 thousand barrels per day more than the previous week’s average.
Refineries operated at 92.5% of their operable capacity last week.
Gasoline production increased last week, averaging 9.9 million barrels per day.
Distillate fuel production increased last week, averaging 5.3 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, decreased by 178 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 2.2% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 657 thousand barrels per day, and distillate fuel imports averaged 180 thousand barrels per day.

Inventories: Focus on how far they are below the 5-year average.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.2 million barrels from the previous week. At 416.8 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year.

> Total motor gasoline inventories increased by 1.6 million barrels from last week and are about 3% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week.

> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 10% below the five year average for this time of year.

> Propane/propylene inventories decreased by 4.5 million barrels from last week and are 9% above the five year average for this time of year.

>> Total commercial petroleum inventories decreased by 12.7 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels a day, down by 0.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 0.7% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 1.7% from, the same period last year.
Jet fuel product supplied was up 6.5% compared with the same four-week period last year.

[dan_s]

(Dow Jones) -- U.S. crude oil inventories fell by more than expected last week
and product stocks were mixed as refineries raised their capacity use,
according to data released Friday by the U.S. Energy Information
Administration.

Commercial crude oil stockpiles excluding the Strategic Petroleum Reserve fell
by 4.2 million barrels to 416.8 million barrels in the week ended Dec. 20 and
were about 5% below the five-year average for the time of year, the EIA said.

Analysts surveyed by The Wall Street Journal had predicted crude stockpiles
would fall by 1.1 million barrels.

Oil held in the SPR increased by 260,000 barrels to 393.3 million barrels. Oil
stocks at Cushing, Okla., the Nymex delivery hub, were down by 320,000 barrels
at 22.7 million barrels. < I expect Trump to keep refilling the SPR. Oil at Cushing is "Dangerously low"..

The EIA estimated U.S. crude oil production at 13.6 million barrels a day, off
by 19,000 barrels a day from the previous week. Crude imports fell by 178,000
barrels a day to 6.5 million barrels a day and exports were down by 1.2
million barrels a day to 3.7 million barrels a day. < U.S. crude oil production is at or very close to peak.

Refineries ran at 92.5% of capacity, up from 91.8% the previous week. Refinery
runs were forecast to slip by 0.3 of a percentage point in the Journal survey.

Gasoline inventories increased by 1.6 million barrels to 223.7 million
barrels, and were 3% below the five-year average, the EIA said. Gasoline
demand was 9.0 million barrels a day compared with 8.9 million barrels a day
the week before. Gasoline stocks were forecast to have fallen by 800,000
barrels.

Distillate fuel stocks dropped 1.7 million barrels to 116.5 million barrels,
against expectations of a 200,000 barrel increase, and were 10% below the
five-year average.

Change in U.S. oil inventories for the week ended Dec. 20: Crude Gasoline
Distillates Refinery Use EIA data: -4.2 1.6 -1.7 0.7 Forecast: -1.1 -0.8 0.2
-0.3

Note: Numbers in millions of barrels, with the exception of refinery use,
which is in percentage points.