EIA weekly petroleum report: link here.
- US crude oil in storage: 507.8 million bbls;
- US crude oil in storage decreased by 4.7 million bbls, week-over-week;
- US crude oil imports: 5.9 million bpd, up by 185,000 bpd from the previous week; about 16.9% less than the wame four-week period last year;
- refiners operating at 82.0% capacity;
- distillate fuel production increase last week, averaging 5.1 million bpd
- distillate inventories increased by 1.4 million bbls, now 24% above the five-year average for this time of year;
- jet fuel supplied was down 45.7% compared with same four-week period last year
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Homework Due This Morning
Fast and furious -- getting it in before it's due at 10:00 a.m.
i have no particular insights, but do have rhetorical question: what were they thinking when they increased distillates production by 380,000 barrels per day, with inventories now 31.7% higher than a year ago?
ReplyDeleteHope springs eternal? One wonders if it's a by-product of refining. Perhaps one can't simply shut off distillate production if the refinery is to remain open. I don't know.
Deleteit seems to me they have some degree of control over the mix of products they produce...for instance, during the winter a couple years back, when distillates were in short supply, distillates output increased to a greater percentage of total production, maybe by around 10%...but i have no idea how that's accomplished, and whether producing less distillates this week would have meant more gasoline and jet fuel, or inordinate inefficiencies, or what...it would be interesting to know how that works...do you have any readers who've worked on the refinery end that you could query?
DeleteI will pose that as a discussion item on the blog, but it's my impression that even folks with the knowledge tend not to reply but we will see.
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