EIA - Weekly Petroleum Report - Sept 10
Posted: Thu Sep 10, 2020 10:23 am
Summary of Weekly Petroleum Data for the week ending September 4, 2020
U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending September 4, 2020 which was 1.1 million barrels per day less than the previous week’s average.
Refineries operated at 71.8% of their operable capacity last week. < Low because of Hurricane Laura's impact. Seven refineries were shut-in and two had serious damage.
Gasoline production decreased last week, averaging 8.9 million barrels per day.
Distillate fuel production decreased last week, averaging 4.4 million barrels per day.
U.S. crude oil imports averaged 5.4 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. < Previous week was lower because of Hurricane Laura.
Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 17.9% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 574,000 barrels per day, and distillate fuel imports averaged 160,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. At 500.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 3.0 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 20% above the five year average for this time of year.
> Propane/propylene inventories increased by 2.2 million barrels last week and are about 12% above the five year average for this time of year.
> Total commercial petroleum inventories decreased by 3.4 million barrels last week.
Total products supplied over the last four-week period averaged 18.1 million barrels a day, down by 16.0% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 8.7 million barrels a day, down by 9.9% from the same period last year. < Hurricane Laura tightening refined product inventories.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 5.7% from the same period last year.
Jet fuel product supplied was down 45.1% compared with the same four-week period last year.
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In my opinion this is a bullish report, but traders seem to be focused on the lower refinery utilization rate as a sign of lower demand. It usually is, but not when it is caused by a major hurricane. Falling gasoline and distillate fuel inventories is a good indication that demand is holding up.
U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending September 4, 2020 which was 1.1 million barrels per day less than the previous week’s average.
Refineries operated at 71.8% of their operable capacity last week. < Low because of Hurricane Laura's impact. Seven refineries were shut-in and two had serious damage.
Gasoline production decreased last week, averaging 8.9 million barrels per day.
Distillate fuel production decreased last week, averaging 4.4 million barrels per day.
U.S. crude oil imports averaged 5.4 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. < Previous week was lower because of Hurricane Laura.
Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 17.9% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 574,000 barrels per day, and distillate fuel imports averaged 160,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. At 500.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 3.0 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 20% above the five year average for this time of year.
> Propane/propylene inventories increased by 2.2 million barrels last week and are about 12% above the five year average for this time of year.
> Total commercial petroleum inventories decreased by 3.4 million barrels last week.
Total products supplied over the last four-week period averaged 18.1 million barrels a day, down by 16.0% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 8.7 million barrels a day, down by 9.9% from the same period last year. < Hurricane Laura tightening refined product inventories.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 5.7% from the same period last year.
Jet fuel product supplied was down 45.1% compared with the same four-week period last year.
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In my opinion this is a bullish report, but traders seem to be focused on the lower refinery utilization rate as a sign of lower demand. It usually is, but not when it is caused by a major hurricane. Falling gasoline and distillate fuel inventories is a good indication that demand is holding up.