EIA Weekly Petroleum Report - Aug 3

[dan_s]

Summary of Weekly Petroleum Data for the week ending July 29, 2022

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending July 29, 2022 which was 174,000 barrels per day less than the previous week’s average.
Refineries operated at 91.0% of their operable capacity last week. < Refiners should be running at a higher rate. I wonder if we are running short on heavy crude oil need to make diesel.
Gasoline production decreased last week, averaging 9.3 million barrels per day.
Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 7.3 million barrels per day last week, increased by 1.2 million barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 1.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 609,000 barrels per day, and distillate fuel imports averaged 234,000 barrels per day.

Focus on the deficits to the 5-year average. Diesel shortage s/b a big concern. All space heating fuels (natural gas, propane and heating oil) are too low to make it through a colder than normal (La Nina) winter.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.5 million barrels from the previous week. At 426.6 million barrels, U.S. crude oil inventories are about 7% below the five year average for this time of year.
> Total motor gasoline inventories increased by 0.2 million barrels last week and are about 3% below the five year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week.
> Distillate fuel inventories decreased by 2.4 million barrels last week and are about 25% below the five year average for this time of year. < We have to be getting close to diesel rationing.
> Propane/propylene inventories increased by 1.8 million barrels last week and are about 11% below the five year average for this time of year.
>> Total commercial petroleum inventories increased by 3.5 million barrels last week.

Total products supplied over the last four-week period averaged 19.9 million barrels a day, down by 3.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 8.8% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 2.5% from the same period last year.
Jet fuel product supplied was down 0.7% compared with the same four-week period last year.