EIA Petroleum Data - Nov 20

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Summary of Weekly Petroleum Data for the week ending November 15, 2024

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending November 15, 2024, which was 281 thousand barrels per day less than the previous week’s average. < With refining margins improving, refineries throughput should increase, which should cause draws from crude oil inventories.
Refineries operated at 90.2% of their operable capacity last week. Gasoline production decreased last week, averaging 9.3 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 7.7 million barrels per day last week, increased by 1.2 million barrels per day from the previous week. < This is why crude oil inventories are up slightly. Tropical storms in the Gulf of Mexico always impacts imports and exports.
Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 2.7% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 374 thousand barrels per day, and distillate fuel imports averaged 123 thousand barrels per day.

Inventories. Focus on how low they are compared to the 5-year average.
> U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.5 million barrels from the previous week. At 430.3 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year.
> Total motor gasoline inventories increased by 2.1 million barrels from last week and are about 4% 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 0.1 million barrels last week and are about 4% below the five year average for this time of year. < Heating oil demand will pick up with some real winter weather impacting the Northeast.
>Propane/propylene inventories decreased by 0.7 million barrels from last week and are 10% above the five year average for this time of year.
> Total commercial petroleum inventories increased by 3.0 million barrels last week. < Caused by spike in imports.

Demand for refined products remains strong
Total products supplied over the last four-week period averaged 20.7 million barrels a day, up 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 0.5% from the same period last year.
Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 6.4% from the same period last year.
Jet fuel product supplied was down 1.3% compared with the same four-week period last year.