EIA Weekly Petroleum Report - Feb. 12

[dan_s]

Summary of Weekly Petroleum Data for the week ending February 7, 2025

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 7, 2025, which was 82 thousand barrels per day more than the previous week’s average.
Refineries operated at 85.0% of their operable capacity last week. < They will need to ramp up to 95% in March.
Gasoline production increased last week, averaging 9.3 million barrels per day.
Distillate fuel production decreased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, decreased by 606 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 7.6% more than the same four-week period last year.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 319 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 4.1 million barrels from the previous week. At 427.9 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 3.0 million barrels from last week and are 1% below the five year average for this time of year. Finished gasoline inventories and blending components inventories both decreased last week.
> Distillate fuel inventories increased by 0.1 million barrels last week and are about 11% below the five year average for this time of year.
> Propane/propylene inventories decreased by 2.6 million barrels from last week and are slightly below the five year average for this time of year. < February winter storms (one after another all month) are impacting the middle of the country, which is the area that uses the most propane for space heating.
>> Total commercial petroleum inventories increased by 1.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, up by 2.8% from the same period last year.
Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, up by 0.9% from the same period last year.
Distillate fuel product supplied averaged 4.2 million barrels a day over the past four weeks, up by 13.6% from the same period last year.
Jet fuel product supplied was up 4.4% compared with the same four week period last year.
---------------------
Crude oil inventories must build in February because demand for diesel and gasoline ramps up significantly March thru June. Refiners are the "consumers" of crude oil. U.S. refineries much ramp up to 95% of capacity in March to produce the diesel and gasoline this country runs on.

[Cliff_N]

API spooked the market yesterday, the EIA number on crude oil was about 44% of the API number of 9.04 million. Strange since both use surveys and samples to estimate inventory to have that big of an error between the two:

"The oil market is trading with marginal declines this morning as the API numbers released overnight were largely bearish for the oil market. The institute reported that US crude oil inventories increased by 9.04m barrels over the last week, compared to the market expectations of a build of 2.5m barrels. If confirmed by the Energy Information Administration (EIA), this would be the biggest inventory build in a year. On the other hand, API reported large product inventory draws, with gasoline and distillate stocks falling by 2.5m barrels and 0.6m barrels respectively. The more widely followed Energy Information Administration (EIA) report will be released later today."

[dan_s]

U.S. crude oil inventories are 4% below normal for this time of year.