EIA Weekly Petroleum Report - Feb 24
Posted: Wed Feb 24, 2021 10:49 am
Summary of Weekly Petroleum Data for the week ending February 19, 2021
U.S. crude oil refinery inputs averaged 12.2 million barrels per day during the week ending February 19, 2021 which was 2.6 million barrels per day less than the previous week’s average.
Refineries operated at 68.6% of their operable capacity last week. < At one point ~40% of U.S. refining capacity was offline because of Texas & Louisiana power outages.
Gasoline production decreased last week, averaging 7.7 million barrels per day.
Distillate fuel production decreased last week, averaging 3.6 million barrels per day.
U.S. crude oil imports averaged 4.6 million barrels per day last week, decreased by 1.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged
about 5.7 million barrels per day, 13.3% less than the same four-week period last year. < Last week's weather also caused problems at the GOM ports.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 531,000 barrels per day, and distillate fuel imports averaged 303,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week. At 463.0 million barrels, U.S. crude oil inventories are about 0% below the five year average for this time of year. < At the 5-year average because the average is going up each week as we are now in the period were oil inventories need to rise so refiners have the feedstock need to meet a big surge in demand for transportation fuels expected in May - July. Summer blends of gasoline require more crude oil.
> Total motor gasoline inventories were virtually unchanged from last week and are about 1% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.
> Distillate fuel inventories decreased by 5.0 million barrels last week and are about 3% above the five year average for this time of year.
> Propane/propylene inventories decreased by 5.2 million barrels last week and are about 17% below the five year average for this time of year. < Propane at "dangerous" low level and very bullish for NGL prices. All of the upstream companies that I follow reported BIG INCREASES in NGL prices from Q3 to Q4 2020 and I expect NGL prices to keep going higher. I show the production mix of each company at the bottom of my forecast models. The markets for U.S. natural gas and NGLs are much different than the global market for crude oil, so it is VERY IMPORTANT THAT YOU KNOW THE PRODUCTION MIX OF YOUR UPSTREAM COMPANIES.
>> Total commercial petroleum inventories decreased by 13.8 million barrels last week. < BULLISH
Total products supplied over the last four-week period averaged 19.5 million barrels a day, down by 3.9% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 7.8 million barrels a day, down by 12.3% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 6.4% from the same period last year.
Jet fuel product supplied was down 32.3% compared with the same four-week period last year.
U.S. crude oil refinery inputs averaged 12.2 million barrels per day during the week ending February 19, 2021 which was 2.6 million barrels per day less than the previous week’s average.
Refineries operated at 68.6% of their operable capacity last week. < At one point ~40% of U.S. refining capacity was offline because of Texas & Louisiana power outages.
Gasoline production decreased last week, averaging 7.7 million barrels per day.
Distillate fuel production decreased last week, averaging 3.6 million barrels per day.
U.S. crude oil imports averaged 4.6 million barrels per day last week, decreased by 1.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged
about 5.7 million barrels per day, 13.3% less than the same four-week period last year. < Last week's weather also caused problems at the GOM ports.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 531,000 barrels per day, and distillate fuel imports averaged 303,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week. At 463.0 million barrels, U.S. crude oil inventories are about 0% below the five year average for this time of year. < At the 5-year average because the average is going up each week as we are now in the period were oil inventories need to rise so refiners have the feedstock need to meet a big surge in demand for transportation fuels expected in May - July. Summer blends of gasoline require more crude oil.
> Total motor gasoline inventories were virtually unchanged from last week and are about 1% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week.
> Distillate fuel inventories decreased by 5.0 million barrels last week and are about 3% above the five year average for this time of year.
> Propane/propylene inventories decreased by 5.2 million barrels last week and are about 17% below the five year average for this time of year. < Propane at "dangerous" low level and very bullish for NGL prices. All of the upstream companies that I follow reported BIG INCREASES in NGL prices from Q3 to Q4 2020 and I expect NGL prices to keep going higher. I show the production mix of each company at the bottom of my forecast models. The markets for U.S. natural gas and NGLs are much different than the global market for crude oil, so it is VERY IMPORTANT THAT YOU KNOW THE PRODUCTION MIX OF YOUR UPSTREAM COMPANIES.
>> Total commercial petroleum inventories decreased by 13.8 million barrels last week. < BULLISH
Total products supplied over the last four-week period averaged 19.5 million barrels a day, down by 3.9% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 7.8 million barrels a day, down by 12.3% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 6.4% from the same period last year.
Jet fuel product supplied was down 32.3% compared with the same four-week period last year.