EIA Weekly Petroleum Report - June 29
Posted: Wed Jun 29, 2022 10:19 am
Summary of Weekly Petroleum Data for the week ending June 24, 2022
Focus on how low petroleum inventories are compared to the 5-year average.
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending June 24, 2022 which was 403,000 barrels per day more than the previous week’s average.
Refineries operated at 95.0% of their operable capacity last week. < Biden needs to stop blaming the refiners for the impact of our lack of an Energy Policy based on common sense. U.S. refiners seldom operate above 95% of operable capacity. They are doing their best to supply the transportation fuels this nation's economy runs on.
Gasoline production increased last week, averaging 9.5 million barrels per day.
Distillate fuel production decreased last week, averaging 5.1 million barrels per day. < We need more heavy oil to make diesel.
U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 0.2 million barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 5.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 824,000 barrels per day, and distillate fuel imports averaged 97,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.8 million barrels from the previous week. At 415.6 million barrels, U.S. crude oil inventories are about 13% below the five year average for this time of year.
> Total motor gasoline inventories increased by 2.6 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline inventories decreased and blending components inventories increased last week.
> Distillate fuel inventories increased by 2.6 million barrels last week and are about 20% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.1 million barrels last week and are about 16% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 6.3 million barrels last week.
Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 0.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 2.0% 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 17.1% compared with the same four-week period last year.
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MY TAKEs:
> During the 4th of July holiday a lot of gasoline will be consumed.
> Diesel inventories ("Distillates") are dangerously low.
> My Q2 forecasts are based on WTI averaging $105/bbl. The actual WTI price a/b approximately $108/bbl for the quarter and the actual HH gas prices is close to $7.50/MMBtu that was used in my forecasts.
> All of the Sweet 16 and the companies in the Small-Cap Growth Portfolio should report outstanding Q2 results that beat the current First Call estimates for revenues, net income and operating cash flow. Remember that First Call's EPS forecasts and my EPS forecasts should be compared to "Adjusted Net Income Per Share", which excludes the MTM adjustments on hedges.
Focus on how low petroleum inventories are compared to the 5-year average.
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending June 24, 2022 which was 403,000 barrels per day more than the previous week’s average.
Refineries operated at 95.0% of their operable capacity last week. < Biden needs to stop blaming the refiners for the impact of our lack of an Energy Policy based on common sense. U.S. refiners seldom operate above 95% of operable capacity. They are doing their best to supply the transportation fuels this nation's economy runs on.
Gasoline production increased last week, averaging 9.5 million barrels per day.
Distillate fuel production decreased last week, averaging 5.1 million barrels per day. < We need more heavy oil to make diesel.
U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 0.2 million barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 5.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 824,000 barrels per day, and distillate fuel imports averaged 97,000 barrels per day.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.8 million barrels from the previous week. At 415.6 million barrels, U.S. crude oil inventories are about 13% below the five year average for this time of year.
> Total motor gasoline inventories increased by 2.6 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline inventories decreased and blending components inventories increased last week.
> Distillate fuel inventories increased by 2.6 million barrels last week and are about 20% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.1 million barrels last week and are about 16% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 6.3 million barrels last week.
Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 0.1% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 2.0% 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 17.1% compared with the same four-week period last year.
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MY TAKEs:
> During the 4th of July holiday a lot of gasoline will be consumed.
> Diesel inventories ("Distillates") are dangerously low.
> My Q2 forecasts are based on WTI averaging $105/bbl. The actual WTI price a/b approximately $108/bbl for the quarter and the actual HH gas prices is close to $7.50/MMBtu that was used in my forecasts.
> All of the Sweet 16 and the companies in the Small-Cap Growth Portfolio should report outstanding Q2 results that beat the current First Call estimates for revenues, net income and operating cash flow. Remember that First Call's EPS forecasts and my EPS forecasts should be compared to "Adjusted Net Income Per Share", which excludes the MTM adjustments on hedges.