EIA Weekly Petroleum Report - Oct 5
Posted: Wed Oct 05, 2022 10:38 am
Summary of Weekly Petroleum Data for the week ending September 30, 2022
U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 30, 2022 which was 210,000 barrels per day more than the previous week’s average.
Refineries operated at 91.3% of their operable capacity last week.
Gasoline production increased last week, averaging 10.0 million barrels per day.
Distillate fuel production increased last week, averaging 5.2 million barrels per day.
U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 2.6% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 480,000 barrels per day, and distillate fuel imports averaged 81,000 barrels per day.
Focus on the deficits to the 5-year average
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 429.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 4.7 million barrels from last week and are about 9% below the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week.
> Distillate fuel inventories decreased by 3.4 million barrels last week and are about 21% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.6 million barrels from last week and are at the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 10.0 million barrels last week.
Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 3.8% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 4.1% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 10.5% from the same period last year.
Jet fuel product supplied was up 2% compared with the same four-week period last year.
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MY TAKES:
> Important to note that commercial crude oil inventories keep falling despite the large draws from the SPR.
> Winter heating season is just six weeks away and space heating fuel inventories (heating oil, natural gas and propane) are too low to make it through a La Nina winter.
> Distillates are primarily diesel and home heating oil. Refiners have been focused on making diesel, due to high demand from trucker and farmers. This country's economy runs on diesel. A steady food supply depends on diesel.
> Home heating oil inventories are much lower than indicated above; my guess is ~40% below the 5-year average in New England. If you heat your home with oil, fill your tanks NOW or you may be out of luck when Old Man Winter arrives.
> Propane inventories are in better shape because propane comes from natural gas production, which is up this year.
U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending September 30, 2022 which was 210,000 barrels per day more than the previous week’s average.
Refineries operated at 91.3% of their operable capacity last week.
Gasoline production increased last week, averaging 10.0 million barrels per day.
Distillate fuel production increased last week, averaging 5.2 million barrels per day.
U.S. crude oil imports averaged 5.9 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 2.6% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 480,000 barrels per day, and distillate fuel imports averaged 81,000 barrels per day.
Focus on the deficits to the 5-year average
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 429.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 4.7 million barrels from last week and are about 9% below the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week.
> Distillate fuel inventories decreased by 3.4 million barrels last week and are about 21% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.6 million barrels from last week and are at the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 10.0 million barrels last week.
Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 3.8% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 4.1% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 10.5% from the same period last year.
Jet fuel product supplied was up 2% compared with the same four-week period last year.
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MY TAKES:
> Important to note that commercial crude oil inventories keep falling despite the large draws from the SPR.
> Winter heating season is just six weeks away and space heating fuel inventories (heating oil, natural gas and propane) are too low to make it through a La Nina winter.
> Distillates are primarily diesel and home heating oil. Refiners have been focused on making diesel, due to high demand from trucker and farmers. This country's economy runs on diesel. A steady food supply depends on diesel.
> Home heating oil inventories are much lower than indicated above; my guess is ~40% below the 5-year average in New England. If you heat your home with oil, fill your tanks NOW or you may be out of luck when Old Man Winter arrives.
> Propane inventories are in better shape because propane comes from natural gas production, which is up this year.