EIA Weekly Petroleum Report - Jan 26
Posted: Wed Jan 26, 2022 10:55 am
Focus on how low the inventories are compared to the 5-year average and remember that we use a lot more oil-based refined products than we did five years ago.
Summary of Weekly Petroleum Data for the week ending January 21, 2022
U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending January 21, 2022 which was 44,000 barrels per day more than the previous week’s average.
Refineries operated at 87.7% of their operable capacity last week. < This needs to go over 90% to rebuild refined product inventories.
Gasoline production increased last week, averaging 8.9 million barrels per day.
Distillate fuel production increased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 9.8% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 314,000 barrels per day, and distillate fuel imports averaged 226,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week. At 416.2 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 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 2.8 million barrels last week and are about 17% below the five year average for this time of year. < Now in "extremely dangerous" area.
> Propane/propylene inventories decreased by 4.6 million barrels last week and are about 9% below the five year average for this time of year.
>>> Total commercial petroleum inventories decreased by 4.1 million barrels last week.
Total products supplied over the last four-week period averaged 21.2 million barrels a day, up by 11.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.2 million barrels a day, up by 6.1% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 14.5% from the same period last year. Jet fuel product supplied was up 24.5% compared with the same four week period last year.
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MY TAKE: Distillate fuels (diesel and home heating oil) cannot be manufactured from the ultra light oil coming from the US shale plays. My concern is that refiners are not getting enough heavy crude oil to make these important products. Also, Europe has a significant shortage of space heating fuels, so they cannot send us any. We are going to need a lot more diesel to solve our supply chain problems. We also have a shortage of common sense in Washington.
Summary of Weekly Petroleum Data for the week ending January 21, 2022
U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending January 21, 2022 which was 44,000 barrels per day more than the previous week’s average.
Refineries operated at 87.7% of their operable capacity last week. < This needs to go over 90% to rebuild refined product inventories.
Gasoline production increased last week, averaging 8.9 million barrels per day.
Distillate fuel production increased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 9.8% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 314,000 barrels per day, and distillate fuel imports averaged 226,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week. At 416.2 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 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 2.8 million barrels last week and are about 17% below the five year average for this time of year. < Now in "extremely dangerous" area.
> Propane/propylene inventories decreased by 4.6 million barrels last week and are about 9% below the five year average for this time of year.
>>> Total commercial petroleum inventories decreased by 4.1 million barrels last week.
Total products supplied over the last four-week period averaged 21.2 million barrels a day, up by 11.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.2 million barrels a day, up by 6.1% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 14.5% from the same period last year. Jet fuel product supplied was up 24.5% compared with the same four week period last year.
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MY TAKE: Distillate fuels (diesel and home heating oil) cannot be manufactured from the ultra light oil coming from the US shale plays. My concern is that refiners are not getting enough heavy crude oil to make these important products. Also, Europe has a significant shortage of space heating fuels, so they cannot send us any. We are going to need a lot more diesel to solve our supply chain problems. We also have a shortage of common sense in Washington.