EIA - Weekly Petroleum Report - Feb 26

[dan_s]

Summary of Weekly Petroleum Data for the week ending February 21, 2025

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending February 21, 2025, which was 317 thousand barrels per day more than the previous week’s average.
Refineries operated at 86.5% of their operable capacity last week. < Lots of refineries are doing maintenance, which lowers throughput.
Gasoline production decreased last week, averaging 9.2 million barrels per day.
Distillate fuel production increased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, increased by 98 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 5.5% less than the same four-week period last year. < Exports of U.S. light oil must have increased in order to see a decline in commercial crude oil inventories below.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 462 thousand barrels per day, and distillate fuel imports averaged 370 thousand barrels per day.

Inventories:
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.3 million barrels from the previous week. At 430.2 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 0.4 million barrels from last week and are slightly below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.
> Distillate fuel inventories increased by 3.9 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.7 million barrels from last week and are 1% below the five year average for this time of year. < Keeping in mind that the market for U.S. NGLs is much larger than it was five years ago, due to more LPG tankers, this tells me that propane prices should continue to drift higher. See chart of propane prices here: https://tradingeconomics.com/commodity/propane
>> Total commercial petroleum inventories decreased by 2.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, up by 4.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 0.1% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 13.1% from the same period last year.
Jet fuel product supplied was up 4.5% compared with the same four week period last year.
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Demand for oil-based products in the U.S. and other markets that U.S. refiners sell their products into remains strong.

[Cliff_N]

Dan, this is a huge miss by those "experts" in the oil markets: "decreased by 2.3 million barrels." If my read is correct, they were expecting a 2+M build.

[dan_s]

Keep in mind that these are VERY LARGE inventories. 2 million bbls is just a rounding error.

Plus, EIA's weekly reports are just WAGs by a grossly over-funded federal agency.

The Department of Energy's 2024 budget was $52 billion and they don't produce any energy, similar to the Department of Education that does not educate anyone.