EIA Weekly Petroleum Report - Jan 20

[dan_s]

Summary of Weekly Petroleum Data for the week ending January 14, 2022

U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending January 14, 2022 which was 120,000 barrels per day less than the previous week’s average.
Refineries operated at 88.1% of their operable capacity last week.
Gasoline production increased last week, averaging 8.7 million barrels per day.
Distillate fuel production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 10.8% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 391,000 barrels per day, and distillate fuel imports averaged 306,000 barrels per day.

Focus on the deficits to the 5-year averages
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 413.8 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year.
> Total motor gasoline inventories increased by 5.9 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 1.4 million barrels last week and are about 16% below the five year average for this time of year.
> Propane/propylene inventories decreased by 3.7 million barrels last week and are about 7% below the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 1.5 million barrels last week.

Total products supplied over the last four-week period averaged 21.2 million barrels a day, up by 11.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 9.0% from the same period last year.
Distillate fuel product supplied averaged 4.0 million barrels a day over the past four weeks, up by 15.3% from the same period last year. Jet fuel product supplied was up 31.8% compared with the same four week period last year
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Note that all inventories are below the 5-year average and we are just a few months away from the annual spike in demand for transportation fuels. Distillates at 16% below the 5-year average is a serious problem. We are going to need a lot of diesel to solve the supply chain issues. Heating oil and propane are also dangerously low.