EIA - Weekly Petroleum Report - Feb 22

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Summary of Weekly Petroleum Data for the week ending February 16, 2024

U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending February 16, 2024, which was 31 thousand barrels per day more than the previous week’s average.
Refineries operated at 80.6% of their operable capacity last week. < Low utilization of refineries is causing the crude oil inventory build.
Gasoline production decreased last week, averaging 9.0 million barrels per day.
Distillate fuel production increased last week, averaging 4.2 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, increased by 184 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 4.7% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 734 thousand barrels per day, and distillate fuel imports averaged 245 thousand barrels per day.

Inventories
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.5 million barrels from the previous week. At 443.0 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 0.3 million barrels from last week and are about 2% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week.
> Distillate fuel inventories decreased by 4.0 million barrels last week and are about 10% below the five year average for this time of year. < Low diesel inventories are "concerning" and why diesel prices at the pump are $1.00/gal more than gasoline. The U.S. economy runs on diesel, including our farming equipment. High diesel prices will drive up inflation.
> Propane/propylene inventories decreased by 2.3 million barrels from last week and are 4% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 0.8 million barrels last week.

Total products supplied over the last four-week period averaged 19.6 million barrels a day, down by 2.0% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 2.3% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 0.6% from the same period last year.
Jet fuel product supplied was up 1.4% compared with the same four-week period last year.