EIA - Weekly Petroleum Report April 24

[dan_s]

Summary of Weekly Petroleum Data for the week ending April 19, 2019

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending April 19, 2019, which was 505,000 barrels per day more than the previous week’s average. Refineries operated at 90.1% of their operable capacity last week. Gasoline production decreased last week, averaging 9.8 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day. < Refinery utilization should ramp up to 95% by mid-May; increasing demand for crude oil.

U.S. crude oil imports averaged 7.1 million barrels per day last week, up by 1,157,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 19.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 905,000 barrels per day, and distillate fuel imports averaged 245,000 barrels per day. < Increased imports of crude is what causes increase in crude oil inventories below.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.5 million barrels from the previous week. At 460.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.1 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 0.7 million barrels last week and are about 6% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.0 million barrels last week and are about 21% above the five year average for this time of year.
>> Total commercial petroleum inventories increased last week by 8.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.2 million barrels per day, down by 1.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 0.9% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, down by 6.7% from the same period last year. Jet fuel product supplied was up 0.7% compared with the same four-week period last year.

[dan_s]

This week's rise in the U.S. Dollar is putting some pressure on crude oil prices.