EIA: Weekly Oil Inventory Report - Sept 6

[dan_s]

Due to the Labor Day holiday on Monday, the report came out a day later this week.

Summary of Weekly Petroleum Data for the week ending August 31, 2018 with my comments in blue.

U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending August 31, 2018, which was 81,000 barrels per day more than the previous week’s average. Refineries operated at 96.6% of their operable capacity last week. < High utilization rate for this time of year.
Gasoline production decreased last week, averaging 10.2 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day. < Lots of work to do because diesel and heating oil inventories are quite low.

U.S. crude oil imports averaged 7.7 million barrels per day last week, up by 229,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.9 million barrels per day, 0.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 988,000 barrels per day, and distillate fuel imports averaged 286,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.3 million barrels from the previous week. At 401.5 million barrels, U.S. crude oil inventories are at the five year average for this time of year.

Total motor gasoline inventories increased by 1.8 million barrels last week and are about 7% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week.
Distillate fuel inventories increased by 3.1 million barrels last week and are about 6% below the five year average for this time of year.
Propane/propylene inventories increased by 2.0 million barrels last week and are about 12% below the five year average for this time of year.
Total commercial petroleum inventories increased last week by 3.6 million barrels last week. < This is probably why the oil price moved lower when the report came out, although this is a minor change in a country that burns up ~120 million barrels per week of hydrocarbon based liquids.

Total products supplied over the last four-week period averaged 21.4 million barrels per day, up by 3.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 1.1% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the past four weeks, up by 2.9% from the same period last year. Jet fuel product supplied was up 5.1% compared with the same four-week period last year.