EIA Weekly Petroleum Report - Nov 6

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Summary of Weekly Petroleum Data for the week ending November 1, 2024

U.S. crude oil refinery inputs averaged 16.3 million barrels per day during the week ending November 1, 2024, which was 281 thousand barrels per day more than the previous week’s average.
Refineries operated at 90.5% of their operable capacity last week.
Gasoline production increased last week, averaging 9.7 million barrels per day.
Distillate fuel production increased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, increased by 265 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 2.4% less than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 229 thousand barrels per day, and distillate fuel imports averaged 162 thousand barrels per day.

Inventories: Focus on the fact that all of the Big Three inventories are below normal for this time of year. Total OECD inventories are also near the bottom of the 5-year range
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.1 million barrels from the previous week. At 427.7 million barrels, U.S. crude oil inventories are about 5% below the five year average for this time of year.
> Total motor gasoline inventories increased by 0.4 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 increased by 2.9 million barrels last week and are about 6% below the five year average for this time of year.
> Propane/propylene inventories decreased by 1.0 million barrels from last week and are 11% above the five year average for this time of year.
>> Total commercial petroleum inventories decreased by 1.1 million barrels last week. < Demand for oil-base fuels and products remains strong.

Total products supplied over the last four-week period averaged 20.6 million barrels a day, down by 1.5 from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 1.5% from the same period last year.
Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 5.1% from the same period last year.
Jet fuel product supplied was down 1.5% compared with the same four-week period last year.