EIA Weekly Petroleum Report - Sept 1
Posted: Wed Sep 01, 2021 10:49 am
AEGIS Note: "WTI gains footing as EIA reports largest draw in two months. EIA reported a draw of -7,169 MBbls from U.S. crude-oil inventories for the week ending 8/27/2021. This was larger than the average estimate of -2,926 MBbls as reported by Bloomberg. Prices were up five minutes following the announcement, to $67.59, from $67.44 just before 9:30am. Crude oil inventories for the US are now at a deficit of 82.368 million Bbls to last year and a deficit of 33.47 million Bbls to the five-year average."
Summary of Weekly Petroleum Data for the week ending August 27, 2021
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending August 27, 2021 which was 133,000 barrels per day less than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. < Refinery utilization will go way down next week because hurricane Ida has taken several large refineries offline until power can be restored to South Louisiana.
Gasoline production decreased last week, averaging 9.9 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 183,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 13.9% more than the same four-week period last year.
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 364,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 425.4 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year.
> Total motor gasoline inventories increased by 1.3 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 increased last week.
> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.5 million barrels last week and are about 20% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 13.6 million barrels last week.
Total products supplied over the last four-week period averaged 21.4 million barrels a day, up by 17.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 6.9% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 10.4% from the same period last year.
Jet fuel product supplied was up 51.7% compared with the same four week period last year.
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MY TAKE: Hurricane Ida caused the big dip in crude oil inventories because oil tankers will not go near a hurricane. It will also impact next week's storage report. With several large refineries offline, we should seen refined product inventories go down big next week. Note that they are already below where they should be. Propane inventories are "dangerously low". Anyone that heats and cooks with propane should keep an extra take of propane all winter. NGL prices could go a lot higher this winter.
Summary of Weekly Petroleum Data for the week ending August 27, 2021
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending August 27, 2021 which was 133,000 barrels per day less than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. < Refinery utilization will go way down next week because hurricane Ida has taken several large refineries offline until power can be restored to South Louisiana.
Gasoline production decreased last week, averaging 9.9 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 183,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 13.9% more than the same four-week period last year.
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 364,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 425.4 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year.
> Total motor gasoline inventories increased by 1.3 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 increased last week.
> Distillate fuel inventories decreased by 1.7 million barrels last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.5 million barrels last week and are about 20% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 13.6 million barrels last week.
Total products supplied over the last four-week period averaged 21.4 million barrels a day, up by 17.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 6.9% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 10.4% from the same period last year.
Jet fuel product supplied was up 51.7% compared with the same four week period last year.
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MY TAKE: Hurricane Ida caused the big dip in crude oil inventories because oil tankers will not go near a hurricane. It will also impact next week's storage report. With several large refineries offline, we should seen refined product inventories go down big next week. Note that they are already below where they should be. Propane inventories are "dangerously low". Anyone that heats and cooks with propane should keep an extra take of propane all winter. NGL prices could go a lot higher this winter.