EIA Weekly Petroleum Report - Nov 22

[dan_s]

Summary of Weekly Petroleum Data for the week ending November 17, 2023

U.S. crude oil refinery inputs averaged 15.5 million barrels per day during the week ending November 17, 2023, which was 106 thousand barrels per day more than the previous week’s average.
Refineries operated at 87.0% of their operable capacity last week. < They need to ramp up production of heating oil. Look at how low distillate inventories are compared to the 5-year average. Diesel and heating oil demand remains high.
Gasoline production decreased last week, averaging 9.4 million barrels per day.
Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 156 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 1.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 593 thousand barrels per day, and distillate fuel imports averaged 75 thousand barrels per day.

Keep in mind that demand for oil-based products is higher than it was five years ago. U.S. and OECD Petroleum Inventories are tight.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 8.7 million barrels from the previous week. At 448.1 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year.
> Total motor gasoline inventories increased by 0.7 million barrels from last week and are about 2% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week.
> Distillate fuel inventories decreased by 1.0 million barrels last week and are about 13% below the five year average for this time of year.
> Propane/propylene inventories decreased by 0.5 million barrels from last week and are 17% above the five year average for this time of year.
>> Total commercial petroleum inventories increased by 4.5 million barrels last week.

Total products supplied over the last four-week period averaged 20.4 million barrels a day, down by 1.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 2.5% from the same period last year.
Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 0.5% from the same period last year.
Jet fuel product supplied was up 13.6% compared with the same four-week period last year.
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Today's dip in the price of oil is caused by the "noise" coming out of OPEC. In a few days, Saudi Arabia will convince the cartel members that selling less oil for more money is a good idea. Computers trade a lot of paper barrels on days like this.

[yves@groupelm.ca]

Dan, do you think that refineries operating at 87% at this time of the year is normal ? Is there anything to do with the US$ being so high ? Keep inventory at this US$ cost is getting expensive ?

Thanks