EIA Weekly Petroleum Report - May 17

[dan_s]

Summary of Weekly Petroleum Data for the week ending May 12, 2023

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending May 12, 2023, which was 245 thousand barrels per day more than the previous week’s average.
Refineries operated at 92.0% of their operable capacity last week. < U.S. refineries must ramp up to over 95% of capacity to keep up with demand for transportation fuels.
Gasoline production decreased last week, averaging 9.5 million barrels per day.
Distillate fuel production (primarily diesel) increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1,306,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 0.3% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 844,000 barrels per day, and distillate fuel imports averaged 128,000 barrels per day.

> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.0 million barrels from the previous week. At 467.6 million barrels, U.S. crude oil inventories are slightly below the five year average for this time of year. < Keep in mind that we are still draining the SPR.
> Total motor gasoline inventories decreased by 1.4 million barrels from last week and are about 6% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.
> Distillate fuel inventories increased by 0.1 million barrels last week and are about 16% below the five year average for this time of year.
> Propane/propylene inventories increased by 2.3 million barrels from last week and are 30% above the five year average for this time of year.
>> Total commercial petroleum inventories increased by 7.6 million barrels last week.

Total products supplied over the last four-week period averaged 19.9 million barrels a day, up by 2.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 2.9% from the same period last year.
Distillate fuel product supplied averaged 3.8 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 4.4% compared with the same four-week period last year.
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MY TAKE: Transportation fuel inventories (gasoline, diesel and jet fuel) are all too low for this time of year. Any disruption in the diesel supply chain could cause rationing and that would not be good for the U.S. economy.