EIA Weekly Petroleum Report - May 19

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Summary of Weekly Petroleum Data for the week ending May 14, 2021

U.S. crude oil refinery inputs averaged 15.1 million barrels per day during the week ending May 14, 2021 which was 96,000 barrels per day more than the previous week’s average. Refineries operated at 86.3% of their operable capacity last week. < Refinery utilization needs to ramp up to 90% by the end of May to produce all the gasoline and diesel we'll need this summer.
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production decreased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, increased by 0.9 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 10.9% more than the same four-week period last year. < Energy Independence sure didn't last long.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 267,000 barrels per day.

All of the inventories below were impacted by the shutdown of the Colonial Pipeline System and they will be impacted again next week.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.3 million barrels from the previous week. At 486.0 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.0 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 2.3 million barrels last week and are about 5% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.4 million barrels last week and are about 18% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 0.2 million barrels last week.

Total products supplied over the last four-week period averaged 19.2 million barrels a day, up by 19.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 33.9% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 19.6% from the same period last year.
Jet fuel product supplied was up 105.8% compared with the same four-week period last year

Demand for refined productions is already back to pre-pandemic levels. Jet fuel is the only one below pre-pandemic levels, but it is rising fast.