EIA - Weekly Petroleum Liquids Report - June 3

[dan_s]

Summary of Weekly Petroleum Data for the week ending May 28, 2021

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending May 28, 2021 which was 358,000 barrels per day more than the previous week’s average. Refineries operated at 88.7% of their operable capacity last week. < Needs to increase to at least 90%.
Gasoline production decreased last week, averaging 9.6 million barrels per day.
Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 5.6 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 6.0 million barrels per day, 0.7% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 933,000 barrels per day, and distillate fuel imports averaged 516,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.1 million barrels from the previous week. At 479.3 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year.
> Total motor gasoline inventories increased by 1.5 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week.
> Distillate fuel inventories increased by 3.7 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories increased by 4.1 million barrels last week and are about 19% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 1.9 million barrels last week.

Total products supplied over the last four-week period averaged 19.0 million barrels a day, up by17.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels a day, up by 26.4% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 21.0% from the same period last year.
Jet fuel product supplied was up 137.8% compared with the same four-week period last year.
================
We are now in the high demand summer months and all inventories are below the five year average.

[dan_s]

AEGIS Notes

EIA reported a draw of -5079 MBbls in U.S. crude-oil inventories for the week ending 5/28/2021. This was larger than the average estimate of -2409 MBbls as reported by Bloomberg.

Prices were up five minutes following the announcement, to $69.04, from $68.98 just before 10:00am.

Inventories for the US are now at a deficit of 55.152 MBbls to last year and a deficit of 12.64 MBbls to the five-year average.

OECD inventories will move below 30 days of supply soon and below 28 days of supply this summer. Chance of WTI moving to Raymond James' $90/bbl forecast is rising.