EIA: Weekly Oil Report - Sept 12
Posted: Wed Sep 12, 2018 10:15 am
Summary of Weekly Petroleum Data for the week ending September 7, 2018 (my comments are in blue).
U.S. crude oil refinery inputs averaged 17.9 million barrels per day during the week ending September 7, 2018, which was 210,000 barrels per day more than the previous week’s average. Refineries operated at 97.6% of their operable capacity last week. Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.5 million barrels per day. < The refinery utilization rate remains VERY HIGH because demand for refined products remains quite high. Inventories of distillates, primarily diesel and heating oil, are too low for this time of year.
U.S. crude oil imports averaged 7.6 million barrels per day last week, down by 123,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.6 million barrels per day, 0.2% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,053,000 barrels per day, and distillate fuel imports averaged 50,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.3 million barrels from the previous week. At 396.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. < On days of supply, U.S. crude oil supply is in the lowest quartile on a five year average.
> Total motor gasoline inventories increased by 1.3 million barrels last week and are about 8% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. < Gasoline inventories are under 25 days of supply, which is low.
> Distillate fuel inventories increased by 6.2 million barrels last week and are about 3% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.2 million barrels last week and are about 11% below the five year average for this time of year.
> Total commercial petroleum inventories increased last week by 10.1 million barrels last week. < This sounds bearish, but our liquid inventories are under 25 days of supply, "normal" is 30 days of supply.
Total products supplied over the last four-week period averaged 21.5 million barrels per day, up by 5.1% from the same period last year. < This is VERY HIGH because refiners never really caught up after Hurricane Harvey. Lots of countries in the Western hemisphere are very dependent on refined products from the U.S., especially in South America.
Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 1.2% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.2% from the same period last year. Jet fuel product supplied was up 5.9% compared with the same four-week period last year.
U.S. crude oil refinery inputs averaged 17.9 million barrels per day during the week ending September 7, 2018, which was 210,000 barrels per day more than the previous week’s average. Refineries operated at 97.6% of their operable capacity last week. Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.5 million barrels per day. < The refinery utilization rate remains VERY HIGH because demand for refined products remains quite high. Inventories of distillates, primarily diesel and heating oil, are too low for this time of year.
U.S. crude oil imports averaged 7.6 million barrels per day last week, down by 123,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.6 million barrels per day, 0.2% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,053,000 barrels per day, and distillate fuel imports averaged 50,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.3 million barrels from the previous week. At 396.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. < On days of supply, U.S. crude oil supply is in the lowest quartile on a five year average.
> Total motor gasoline inventories increased by 1.3 million barrels last week and are about 8% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. < Gasoline inventories are under 25 days of supply, which is low.
> Distillate fuel inventories increased by 6.2 million barrels last week and are about 3% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.2 million barrels last week and are about 11% below the five year average for this time of year.
> Total commercial petroleum inventories increased last week by 10.1 million barrels last week. < This sounds bearish, but our liquid inventories are under 25 days of supply, "normal" is 30 days of supply.
Total products supplied over the last four-week period averaged 21.5 million barrels per day, up by 5.1% from the same period last year. < This is VERY HIGH because refiners never really caught up after Hurricane Harvey. Lots of countries in the Western hemisphere are very dependent on refined products from the U.S., especially in South America.
Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 1.2% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.2% from the same period last year. Jet fuel product supplied was up 5.9% compared with the same four-week period last year.