EIA Weekly Petroleum Report - Apr 5

[dan_s]

Summary of Weekly Petroleum Data for the week ending March 31, 2023

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending March 31, 2023 which was 198 thousand barrels per day less than the previous week’s average.
Refineries operated at 89.6% of their operable capacity last week. < They need to ramp up to over 95% to keep up with demand for gasoline, diesel and jet fuel. Annual maintenance should be completed this month.
Gasoline production decreased last week, averaging 9.9 million barrels per day.
Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 7.1 million barrels per day last week, increased by 1.8 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 2.3% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 713,000 barrels per day, and distillate fuel imports averaged 115,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.7 million barrels from the previous week. At 470.0 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year.
> Total motor gasoline inventories decreased by 4.1 million barrels from last week and are about 7% 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 3.6 million barrels last week and are about 12% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.5 million barrels from last week and are 31% above the five year average for this time of year.
> Total commercial petroleum inventories decreased by 11.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels a day, down by 1.5% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.0 million barrels a day, up by 3.9% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 0.1% from the same period last year.
Jet fuel product supplied was up 6.1% compared with the same four-week period last year.
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U.S. and total OECD petroleum inventories are tight already and the will decline rapidly starting in June. As measured by "Days of Consumption", it looks like OECD petroleum inventories could decline to 25 Days of Consumption. I don't recall inventories ever going that low.