EIA - Weekly Petroleum Report - Oct 28
Posted: Wed Oct 28, 2020 10:33 am
Summary of Weekly Petroleum Data for the week ending October 23, 2020
U.S. crude oil refinery inputs averaged 13.4 million barrels per day during the week ending October 23, 2020 which was 363,000 barrels per day more than the previous week’s average.
Refineries operated at 74.6% of their operable capacity last week. < This needs to get back to 80%.
Gasoline production increased last week, averaging 9.1 million barrels per day.
Distillate fuel production decreased last week averaging 4.1 million barrels per day.
U.S. crude oil imports averaged 5.7 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. < Primary reason for inventory build.
Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 13.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 460,000 barrels per day, and distillate fuel imports averaged 344,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.3 million barrels from the previous week. At 492.4 million barrels, U.S. crude oil inventories are about 9% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.9 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. < API reported a large build in gasoline inventories - weird.
> Distillate fuel inventories decreased by 4.5 million barrels last week and are about 17% above the five year average for this time of year. < Very bullish.
> Propane/propylene inventories increased by 100,000 barrels last week and are about 11% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 3.9 million barrels last week.
Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 11.3% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 10.2% from the same period last year.
Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 5.2% from the same period last year.
Jet fuel product supplied was down 44.3% compared with the same four-week period last year.
----------------------------------
WTI price is down big this morning, apparently because API reported a large build in crude oil and gasoline inventories. The crude oil build is just because of more tankers able to offload with seas calm between hurricanes Delta and Zeta. IMO the EIA report above is bullish because on the big drop in distillates, which is the inventory with the most "glut". It is normal for crude oil inventories to build during October and early November because a lot of refineries do maintenance during a lull in demand for transportation fuels in Sept and Oct. Plus, we've had a lot of hurricane activity in the GOM this season which messes up the supply chain.
U.S. crude oil refinery inputs averaged 13.4 million barrels per day during the week ending October 23, 2020 which was 363,000 barrels per day more than the previous week’s average.
Refineries operated at 74.6% of their operable capacity last week. < This needs to get back to 80%.
Gasoline production increased last week, averaging 9.1 million barrels per day.
Distillate fuel production decreased last week averaging 4.1 million barrels per day.
U.S. crude oil imports averaged 5.7 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. < Primary reason for inventory build.
Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 13.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 460,000 barrels per day, and distillate fuel imports averaged 344,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.3 million barrels from the previous week. At 492.4 million barrels, U.S. crude oil inventories are about 9% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.9 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. < API reported a large build in gasoline inventories - weird.
> Distillate fuel inventories decreased by 4.5 million barrels last week and are about 17% above the five year average for this time of year. < Very bullish.
> Propane/propylene inventories increased by 100,000 barrels last week and are about 11% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 3.9 million barrels last week.
Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 11.3% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 10.2% from the same period last year.
Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, down by 5.2% from the same period last year.
Jet fuel product supplied was down 44.3% compared with the same four-week period last year.
----------------------------------
WTI price is down big this morning, apparently because API reported a large build in crude oil and gasoline inventories. The crude oil build is just because of more tankers able to offload with seas calm between hurricanes Delta and Zeta. IMO the EIA report above is bullish because on the big drop in distillates, which is the inventory with the most "glut". It is normal for crude oil inventories to build during October and early November because a lot of refineries do maintenance during a lull in demand for transportation fuels in Sept and Oct. Plus, we've had a lot of hurricane activity in the GOM this season which messes up the supply chain.