EIA Weekly Petroleum Report - Oct 14

[dan_s]

Summary of Weekly Petroleum Data for the week ending October 8, 2021

U.S. crude oil refinery inputs averaged 15.1 million barrels per day during the week ending October 8, 2021 which was 0.7 million barrels per day less than the previous week’s average. Refineries operated at 86.7% of their operable capacity last week.
Gasoline production increased last week, averaging 9.6 million barrels per day.
Distillate fuel production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 22.2% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 543,000 barrels per day, and distillate fuel imports averaged 190,000 barrels per day.

The delta to the 5-year average is KEY STAT. During October all inventories normally build.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.1 million barrels from the previous week. At 427.0 million barrels, U.S. crude oil inventories are about 6% 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 virtually unchanged from last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.6 million barrels last week and are about 21% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 4.9 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels a day, up by 12.5% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels a day, up by 6.9% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 6.6% from the same period last year.
Jet fuel product supplied was up 53.5% compared with the same four week period last year
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MY TAKE:
> All of the US inventories are TOO LOW. Keep in mine that in "Post-Pandemic World" we are going to need a lot more of all of the above to restock our supply chains. Even in a normal year demand is higher than the five year average.
> Fuels used for space heating are WAY TOO LOW. I talked to a friend yesterday that recently moved to an area that does not have natural gas. His home uses propane for heating and cooking. He is an EPG member, so he knows about the shortage of propane. Last week he called his propane supplier and was told that they can only fill up his tank 50% due to the shortage of propane. That is not enough to get him through December. I told him to order more firewood.
> If we have a cold December, natural gas, home heating oil and propane prices will go a lot higher. Rationing of propane has already started. This could become an extremely serious problem. The heating oil shortage will also increase diesel prices.