EIA - Weekly Petroleum Report - Sept 25
Posted: Wed Sep 25, 2024 10:05 am
Summary of Weekly Petroleum Data for the week ending September 20, 2024
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending September 20, 2024, which was 124 thousand barrels per day less than the previous week’s average.
Refineries operated at 90.9% of their operable capacity last week. < During September/October a lot of refineries do maintenance projects called "Turnarounds".
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production decreased 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 135 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 9.5% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 746 thousand barrels per day, and distillate fuel imports averaged 102 thousand barrels per day.
Inventories: Note that there is no "GLUT" of crude oil or oil-based transportation fuels in the U.S.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.5 million barrels from the previous week. At 413.0 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 1.5 million barrels from last week and are about 1% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 2.2 million barrels last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories decreased by 1.5 million barrels from last week and are 9% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 14.6 million barrels last week.
Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 1.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 2.1% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 1.3% from the same period last year.
Jet fuel product supplied was up 0.2% compared with the same four-week period last year.
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MY TAKE: The FEAR of lower demand growth in China (somewhat justified) is what's keeping a lid on oil prices, but the global oil market is definitely not over-supplied. It is possible that "Market Forces" pushed oil prices lower ahead of the Fed meeting to get the 50-basis point reduction in interest rates they wanted. Extremely low crude oil inventories at Cushing, OK should be drawing more attention.
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending September 20, 2024, which was 124 thousand barrels per day less than the previous week’s average.
Refineries operated at 90.9% of their operable capacity last week. < During September/October a lot of refineries do maintenance projects called "Turnarounds".
Gasoline production increased last week, averaging 9.8 million barrels per day.
Distillate fuel production decreased 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 135 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 9.5% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 746 thousand barrels per day, and distillate fuel imports averaged 102 thousand barrels per day.
Inventories: Note that there is no "GLUT" of crude oil or oil-based transportation fuels in the U.S.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.5 million barrels from the previous week. At 413.0 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year.
> Total motor gasoline inventories decreased by 1.5 million barrels from last week and are about 1% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week.
> Distillate fuel inventories decreased by 2.2 million barrels last week and are about 9% below the five year average for this time of year.
> Propane/propylene inventories decreased by 1.5 million barrels from last week and are 9% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 14.6 million barrels last week.
Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 1.4% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 2.1% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 1.3% from the same period last year.
Jet fuel product supplied was up 0.2% compared with the same four-week period last year.
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MY TAKE: The FEAR of lower demand growth in China (somewhat justified) is what's keeping a lid on oil prices, but the global oil market is definitely not over-supplied. It is possible that "Market Forces" pushed oil prices lower ahead of the Fed meeting to get the 50-basis point reduction in interest rates they wanted. Extremely low crude oil inventories at Cushing, OK should be drawing more attention.