EIA Weekly Petroleum Report - Mar 15

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dan_s
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EIA Weekly Petroleum Report - Mar 15

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Summary of Weekly Petroleum Data for the week ending March 10, 2023

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending March 10, 2023 which was 430 thousand barrels per day more than the previous week’s average.
Refineries operated at 88.2% of their operable capacity last week. < Need to ramp up to over 95% of capacity by mid-Q2 to meet demand for transportation fuels
Gasoline production decreased last week, averaging 9.1 million barrels per day.
Distillate fuel production decreased last week, averaging 4.4 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 55,000 barrels per day from the previous week.
Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 1.1% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 450,000 barrels per day, and distillate fuel imports averaged 155,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. At 480.1 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.1 million barrels from last week and are about 3% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories were unchanged last week.
> Distillate fuel inventories decreased by 2.5 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories increased by 0.9 million barrels from last week and are 42% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased 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 6.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, down by 0.4% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 12.5% from the same period last year.
Jet fuel product supplied was up 6.7% compared with the same four-week period last year.
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Crude oil inventories are adequate to get us through the summer, but gasoline, diesel and jet fuel inventories are tight. Refinery utilization needs to ramp up over 90% of capacity soon.
Dan Steffens
Energy Prospectus Group
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