EIA Weekly Petroleum Report - April 27

[dan_s]

Summary of Weekly Petroleum Data for the week ending April 22, 2022

U.S. crude oil refinery inputs averaged 15.7 million barrels per day during the week ending April 22, 2022 which was 33,000 barrels per day less than the previous week’s average.
Refineries operated at 90.3% of their operable capacity last week. < This needs to get over 95% in order to rebuild our transportation fuel inventories.
Gasoline production decreased last week, averaging 9.5 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 5.9 million barrels per day last week, up by 98,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 0.3% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 845,000 barrels per day, and distillate fuel imports averaged 125,000 barrels per day.

Focus on how low inventories are compared to the 5-year average. June-Sept is the peak demand period for transportation fuels.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.7 million barrels from the previous week. At 414.4 million barrels, U.S. crude oil inventories are about 16% 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 4% 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 1.4 million barrels last week and are about 21% below the five year average for this time of year.
> Propane/propylene inventories increased by 2.2 million barrels last week and are about 12% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 0.7 million barrels last week.

Total products supplied over the last four-week period averaged 19.4 million barrels a day, down by 1.6% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 2.2% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 7.4% from the same period last year.
Jet fuel product supplied was up 23.9% compared with the same four-week period last year.
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MY TAKE: The distillate fuel shortage is a SIGNIFICANT PROBLEM. We cannot solve our Supply Chain problems without a steady supply of diesel. Nor. can we plant crops or drill wells without diesel. This country's economy runs on diesel!