EIA - Petroleum Status Report - July 1

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Summary of Weekly Petroleum Data for the week ending June 26, 2020

U.S. crude oil refinery inputs averaged 14.0 million barrels per day during the week ending June 26, 2020 which was 193,000 barrels per day more than the previous week’s average. Refineries operated at 75.5% of their operable capacity last week. < IMO refinery utilization percentage is the KEY STAT during the rebound phase. It is drifting higher because refiners are seeing more demand for refined products, primarily gasoline. Normal for this time of year is over 90%.
Gasoline production increased last week, averaging 8.9 million barrels per day.
Distillate fuel production increased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged
about 6.5 million barrels per day, 11.3% less than the same four-week period last year. < During May & early June the U.S. was still getting large shipments from Saudi Arabia that were the result of their "price war" with Russia. Imports from SA should be way down in July.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day, and distillate fuel imports averaged 135,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 533.5 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year.
> Total motor gasoline inventories increased by 1.2 million barrels last week and are about 10% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week.
> Distillate fuel inventories decreased by 0.6 million barrels last week and are about 28% above the five year average for this time of year.
> Propane/propylene inventories increased by 3.3 million barrels last week and are about 7% above the five year average for this time of year.
>> Total commercial petroleum inventories increased last week by 1.1 million barrels last week.

Total products supplied over the last four-week period averaged 17.6 million barrels a day, down by 15.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.2 million barrels a day, down by 15.0% from the same period last year.
Distillate fuel product supplied averaged 3.5 million barrels a day more than the past four weeks, down by 13.1% from the same period last year. Jet fuel product supplied was down 60.0%
compared with the same four-week period last year.

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Comments from AEGIS ENERGY

EIA reported a draw of -7195 MBbls in U.S. crude-oil inventories for the week ending 6/26/2020. This was larger than the average estimate of -500 MBbls as reported by Bloomberg.

Prices were down five minutes following the announcement, to $39.69, from $39.72 just before 9:30am.

Inventories for the US are now at a surplus of 63.951 MBbls to last year and a surplus of 68.61 MBbls to the five-year average.
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