I am travelling today, so I will be on a plane when the report comes out.
You can read the summary report at the link below after 10:30AM ET.
https://www.eia.gov/petroleum/
Trading Economics:
"WTI crude futures steadied around $96 per barrel on Wednesday after tumbling about 8% in the previous session, as traders continued to assess a weakening demand outlook mired by recession fears, a rallying dollar and China’s resurgent Covid outbreaks. Investors are gearing up for another hot US inflation reading which could bolster the Federal Reserve’s aggressive tightening plans, escalating fears of a potential recession. Also weighing on oil prices, the American Petroleum Institute reported that US crude inventories rose by 4.76 million barrels last week, while gasoline and distillate stocks increased by 3 million and 3.3 million barrels, respectively. Meanwhile, OPEC said it expects global oil demand to rise in 2023 but at a slower pace than in 2022, citing continued economic recovery and improving Covid situation in China. US President Joe Biden will visit Saudi Arabia this week to push for increased production from OPEC nations amid efforts to bring down prices."
EIA Weekly Petroleum Report - July 13
EIA Weekly Petroleum Report - July 13
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: EIA Weekly Petroleum Report - July 13
Summary of Weekly Petroleum Data for the week ending July 8, 2022
U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending July
8, 2022 which was 202,000 barrels per day more than the previous week’s average. Refineries
operated at 94.9% of their operable capacity last week. Gasoline production decreased last week,
averaging 8.9 million barrels per day. Distillate fuel production decreased last week, averaging
5.1 million barrels per day.
U.S. crude oil imports averaged 6.7 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 6.4 million barrels per day, 1.2% more than the same four-week period last year. Total
motor gasoline imports (including both finished gasoline and gasoline blending components) last
week averaged 715,000 barrels per day, and distillate fuel imports averaged 137,000 barrels per
day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
increased by 3.3 million barrels from the previous week. At 427.1 million barrels, U.S. crude oil
inventories are about 5% below the five year average for this time of year. Total motor gasoline
inventories increased by 5.8 million barrels last week and are about 5% below the five year
average for this time of year. Both finished gasoline inventories and blending components
inventories increased last week. Distillate fuel inventories increased by 2.7 million barrels last
week and are about 18% below the five year average for this time of year. Propane/propylene
inventories increased by 2.9 million barrels last week and are about 12% below the five year
average for this time of year. Total commercial petroleum inventories increased by 21.7 million
barrels last week.
Total products supplied over the last four-week period averaged 19.7 million barrels a day, down
by 4.1% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 8.7 million barrels a day, down by 8.0% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up
by 0.4% from the same period last year. Jet fuel product supplied was up 6.6% compared with
the same four-week period last year.
U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending July
8, 2022 which was 202,000 barrels per day more than the previous week’s average. Refineries
operated at 94.9% of their operable capacity last week. Gasoline production decreased last week,
averaging 8.9 million barrels per day. Distillate fuel production decreased last week, averaging
5.1 million barrels per day.
U.S. crude oil imports averaged 6.7 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 6.4 million barrels per day, 1.2% more than the same four-week period last year. Total
motor gasoline imports (including both finished gasoline and gasoline blending components) last
week averaged 715,000 barrels per day, and distillate fuel imports averaged 137,000 barrels per
day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve)
increased by 3.3 million barrels from the previous week. At 427.1 million barrels, U.S. crude oil
inventories are about 5% below the five year average for this time of year. Total motor gasoline
inventories increased by 5.8 million barrels last week and are about 5% below the five year
average for this time of year. Both finished gasoline inventories and blending components
inventories increased last week. Distillate fuel inventories increased by 2.7 million barrels last
week and are about 18% below the five year average for this time of year. Propane/propylene
inventories increased by 2.9 million barrels last week and are about 12% below the five year
average for this time of year. Total commercial petroleum inventories increased by 21.7 million
barrels last week.
Total products supplied over the last four-week period averaged 19.7 million barrels a day, down
by 4.1% from the same period last year. Over the past four weeks, motor gasoline product
supplied averaged 8.7 million barrels a day, down by 8.0% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up
by 0.4% from the same period last year. Jet fuel product supplied was up 6.6% compared with
the same four-week period last year.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group