EIA Weekly Petroleum Report - Mar 16
Posted: Wed Mar 16, 2022 10:57 am
Summary of Weekly Petroleum Data for the week ending March 11, 2022
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending March 11, 2022 which was 224,000 barrels per day more than the previous week’s average.
Refineries operated at 90.4% of their operable capacity last week. < This needs to get over 90% soon to rebuild refined product inventories.
Gasoline production decreased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 4.9 million barrels per day.
U.S. crude oil imports averaged 6.4 million barrels per day last week, up by 76,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 15.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 531,000 barrels per day, and distillate fuel imports averaged 222,000 barrels per day.
Focus on the deficits to the 5-year averages. We are less than two months away from a spike in demand for transportation fuels.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.3 million barrels from the previous week. At 415.9 million barrels, U.S. crude oil inventories are about 12% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 3.6 million barrels last week and are at the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. < Gasoline rationing should not be required this summer.
> Distillate fuel inventories increased by 0.3 million barrels last week and are about 16% below the five year average for this time of year. < This is a BIG PROBLEM. We cannot solve the supply chain issues without a lot of diesel.
> Propane/propylene inventories decreased by 2.2 million barrels last week and are about 25% below the five year average for this time of year. < Propane inventories must be rebuilt before the next winter arrives. Propane is used for space heating and cooking. There was some rationing during the winter that is coming to an end.
>> Total commercial petroleum inventories decreased by 3.6 million barrels last week.
Total products supplied over the last four-week period averaged 21.0 million barrels a day, up by 12.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 8.6% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 4.6% from the same period last year.
Jet fuel product supplied was up 39.3% compared with the same four week period last year.
U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending March 11, 2022 which was 224,000 barrels per day more than the previous week’s average.
Refineries operated at 90.4% of their operable capacity last week. < This needs to get over 90% soon to rebuild refined product inventories.
Gasoline production decreased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 4.9 million barrels per day.
U.S. crude oil imports averaged 6.4 million barrels per day last week, up by 76,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 15.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 531,000 barrels per day, and distillate fuel imports averaged 222,000 barrels per day.
Focus on the deficits to the 5-year averages. We are less than two months away from a spike in demand for transportation fuels.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.3 million barrels from the previous week. At 415.9 million barrels, U.S. crude oil inventories are about 12% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 3.6 million barrels last week and are at the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. < Gasoline rationing should not be required this summer.
> Distillate fuel inventories increased by 0.3 million barrels last week and are about 16% below the five year average for this time of year. < This is a BIG PROBLEM. We cannot solve the supply chain issues without a lot of diesel.
> Propane/propylene inventories decreased by 2.2 million barrels last week and are about 25% below the five year average for this time of year. < Propane inventories must be rebuilt before the next winter arrives. Propane is used for space heating and cooking. There was some rationing during the winter that is coming to an end.
>> Total commercial petroleum inventories decreased by 3.6 million barrels last week.
Total products supplied over the last four-week period averaged 21.0 million barrels a day, up by 12.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 8.6% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 4.6% from the same period last year.
Jet fuel product supplied was up 39.3% compared with the same four week period last year.