EIA - Petroleum Status Report - Dec 27
Posted: Fri Dec 27, 2019 11:15 am
Summary of Weekly Petroleum Data for the week ending December 20, 2019 with my comments in blue.
U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending December 20, 2019, which was 419,000 barrels per day more than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. < This is bullish, but we need refinery utilization to climb to over 95% (i.e. - draw more crude oil from storage each week).
Gasoline production increased last week, averaging 10.3 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day.
U.S. crude oil imports averaged 6.8 million barrels per day last week, up by 230,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 11.5% less than the same four-week period last year. < Despite higher imports and below normal (for this time of year) refinery utilization, crude oil inventories fell more than expected. Is this proof that U.S. crude oil production peaked in November? Maybe.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 594,000 barrels per day, and distillate fuel imports averaged 248,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.5 million barrels from the previous week. At 441.4 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year.
> Total motor gasoline inventories increased by 2.0 million barrels last week and are about 5% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. < Lots of gasoline consumed this week should cause next week's report to show a decline.
> Distillate fuel inventories decreased by 0.2 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories decreased by 2.6 million barrels last week and are about 10% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 10.2 million barrels last week.
Total products supplied over the last four-week period averaged 20.6 million barrels per day, down by 3.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, up by 0.3% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels per day more than the past four weeks, down by 11.4% from the same period last year.
Jet fuel product supplied was up 6.6% compared with the same four-week period last year.
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When the details come out, EIA should report Days of Supply well below 30 days for crude oil, gasoline and distillates. There is no "glut" of oil or refined products in this world, but it won't keep some analysts from using that word.
U.S. crude oil refinery inputs averaged 17.0 million barrels per day during the week ending December 20, 2019, which was 419,000 barrels per day more than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. < This is bullish, but we need refinery utilization to climb to over 95% (i.e. - draw more crude oil from storage each week).
Gasoline production increased last week, averaging 10.3 million barrels per day.
Distillate fuel production increased last week, averaging 5.4 million barrels per day.
U.S. crude oil imports averaged 6.8 million barrels per day last week, up by 230,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 11.5% less than the same four-week period last year. < Despite higher imports and below normal (for this time of year) refinery utilization, crude oil inventories fell more than expected. Is this proof that U.S. crude oil production peaked in November? Maybe.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 594,000 barrels per day, and distillate fuel imports averaged 248,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.5 million barrels from the previous week. At 441.4 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year.
> Total motor gasoline inventories increased by 2.0 million barrels last week and are about 5% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. < Lots of gasoline consumed this week should cause next week's report to show a decline.
> Distillate fuel inventories decreased by 0.2 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories decreased by 2.6 million barrels last week and are about 10% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased last week by 10.2 million barrels last week.
Total products supplied over the last four-week period averaged 20.6 million barrels per day, down by 3.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, up by 0.3% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels per day more than the past four weeks, down by 11.4% from the same period last year.
Jet fuel product supplied was up 6.6% compared with the same four-week period last year.
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When the details come out, EIA should report Days of Supply well below 30 days for crude oil, gasoline and distillates. There is no "glut" of oil or refined products in this world, but it won't keep some analysts from using that word.