EIA Weekly Petroleum Report - Mar 8

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dan_s
Posts: 34465
Joined: Fri Apr 23, 2010 8:22 am

EIA Weekly Petroleum Report - Mar 8

Post by dan_s »

EIA posted this interesting note to their website this morning:
"Crude Oil Production Re-benchmarking Notice: When we release the Short-Term Energy Outlook (STEO) each month, the weekly estimates of domestic crude oil production are reviewed to identify any differences between recent trends in survey-based domestic production reported in the Petroleum Supply Monthly (PSM) and other current data. If we find a large difference between the two series, we may re-benchmark the weekly production estimate on weeks when we release STEO. This week’s domestic crude oil production estimate incorporates a re-benchmarking that lowered estimated volumes by 51,000 barrels per day, which is about 0.4% of this week’s estimated production total."
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Summary of Weekly Petroleum Data for the week ending March 3, 2023 with my comments in blue

U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending March 3, 2023 which was 12 thousand barrels per day less than the previous week’s average.
Refineries operated at 86.0% of their operable capacity last week. < Refiners will ramp up to over 95% of their capacity in May, after they finish maintenance projects. Demand for transportation fuels will surge in May/June, like it does every year.
Gasoline production decreased last week, averaging 9.6 million barrels per day.
Distillate fuel production decreased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 63,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 1.4% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 446,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 478.5 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. < Now think where they'd be if we had not drained over 180 million barrels from the SPR.
> Total motor gasoline inventories decreased by 1.1 million barrels from last week and are about 3% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week.
> Distillate fuel inventories increased by 0.1 million barrels last week and are about 7% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.5 million barrels from last week and are 34% above the five year average for this time of year.
>> Total commercial petroleum inventories increased by 1.9 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 8.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 0.2% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 14.6% from the same period last year.
Jet fuel product supplied was up 2.1% compared with the same four-week period last year.
Dan Steffens
Energy Prospectus Group
Fraser921
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Joined: Mon Mar 22, 2021 11:48 am

Re: EIA Weekly Petroleum Report - Mar 8

Post by Fraser921 »

I definitely like oily names better atm
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