EIA - Weekly Petroleum Report - June 20

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Summary of Weekly Petroleum Data for the week ending June 14, 2024

U.S. crude oil refinery inputs averaged 16.8 million barrels per day during the week ending June 14, 2024, which was 281 thousand barrels per day less than the previous week’s average.
Refineries operated at 93.5% of their operable capacity last week.
Gasoline production increased last week, averaging 10.2 million barrels per day.
Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 7.1 million barrels per day last week, decreased by 1.3 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.3 million barrels per day, 11.6% more than the same four-week period last year. < Tropical Storm activity in the Gulf of Mexico impacts imports and exports, so we may see a drop in imports for the week ending June 21.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1 million barrels per day, and distillate fuel imports averaged 150 thousand barrels per day.

Inventories
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.5 million barrels from the previous week. At 457.1 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 2.3 million barrels from last week and are about 1% 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 1.7 million barrels last week and are about 8% below the five year average for this time of year.
> Propane/propylene inventories increased by 1.6 million barrels from last week and are 10% above the five year average for this time of year. < Thanks to much higher year-over-year access to LPG markets outside of the U.S. due to more tankers, NGL prices have firmed up. Propane prices are 29% higher than where they were on June 20, 2023. Higher export volumes justifies the higher inventory level.
> Total commercial petroleum inventories decreased by 0.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, up by 0.2% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, down by 1.0% from the same period last year.
Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 1.5% from the same period last year.
Jet fuel product supplied was up 5.0% compared with the same four-week period last year.
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We should see more draws from the Big Three inventories (crude oil, gasoline & distillates) through mid-August.