EIA Weekly Petroleum Report - Feb 9
Posted: Wed Feb 09, 2022 10:46 am
Summary of Weekly Petroleum Data for the week ending February 4, 2022
Your focus should be on how far below the 5-year average all of the inventories are.
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending February 4, 2022 which was 328,000 barrels per day more than the previous week’s average.
Refineries operated at 88.2% of their operable capacity last week. < Needs to go over 92% to rebuild refined product inventories.
Gasoline production increased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 4.7 million barrels per day.
U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 12.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 514,000 barrels per day, and distillate fuel imports averaged 440,000 barrels per day. < The Northeast is forced to import refined products because they don't have enough pipeline capacity connecting the region to the U.S. Gulf Coast, the largest and best refiners in the world.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.8 million barrels from the previous week. At 410.4 million barrels, U.S. crude oil inventories are about 11% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 1.6 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 decreased last week.
> Distillate fuel inventories decreased by 0.9 million barrels last week and are about 19% below the five year average for this time of year.
> Propane/propylene inventories decreased by 1.9 million barrels last week and are about 11% below the five year average for this time of year.
>>Total commercial petroleum inventories decreased by 8.1 million barrels last week. < U.S. petroleum inventories, especially crude oil need to increase during Q1, so we have enough oil-based products to meet demand in Q2. Demand for transportation fuels always increases in Q2 and summer blends of gasoline require more crude oil than winter blends.
Total products supplied over the last four-week period averaged 21.9 million barrels a day, up by 12.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 7.9% from the same period last year.
Distillate fuel product supplied averaged 4.6 million barrels a day over the past four weeks, up by 9.9% from the same period last year.
Jet fuel product supplied was up 30.4% compared with the same four week period last year.
Your focus should be on how far below the 5-year average all of the inventories are.
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending February 4, 2022 which was 328,000 barrels per day more than the previous week’s average.
Refineries operated at 88.2% of their operable capacity last week. < Needs to go over 92% to rebuild refined product inventories.
Gasoline production increased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 4.7 million barrels per day.
U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 12.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 514,000 barrels per day, and distillate fuel imports averaged 440,000 barrels per day. < The Northeast is forced to import refined products because they don't have enough pipeline capacity connecting the region to the U.S. Gulf Coast, the largest and best refiners in the world.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.8 million barrels from the previous week. At 410.4 million barrels, U.S. crude oil inventories are about 11% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 1.6 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 decreased last week.
> Distillate fuel inventories decreased by 0.9 million barrels last week and are about 19% below the five year average for this time of year.
> Propane/propylene inventories decreased by 1.9 million barrels last week and are about 11% below the five year average for this time of year.
>>Total commercial petroleum inventories decreased by 8.1 million barrels last week. < U.S. petroleum inventories, especially crude oil need to increase during Q1, so we have enough oil-based products to meet demand in Q2. Demand for transportation fuels always increases in Q2 and summer blends of gasoline require more crude oil than winter blends.
Total products supplied over the last four-week period averaged 21.9 million barrels a day, up by 12.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 7.9% from the same period last year.
Distillate fuel product supplied averaged 4.6 million barrels a day over the past four weeks, up by 9.9% from the same period last year.
Jet fuel product supplied was up 30.4% compared with the same four week period last year.