EIA's Weekly Petroleum Report; Jet Fuel Down 13% -- March 18, 2020

Link here.

• US crude oil inventories increased by 2.0 million bbls week-over-week
• US crude oil in storage stands at 453.7 million bbls; about 3% below the five-year average for this time of the year
• refineries are operating at a very, very low 86.4% of total capacity;
• imports averaged about 6.5 million bopd, up by 127,000 bopd  from the previous week;
• imports over the past four weeks averaged about 6.4 million bopd, which is 4.5% less than the same four-week period lat year;
• interestingly enough, total products supplied over the last four-week period averaged 21.1 million bbls a day -- my threshold for reporting is anything above 21 million bbls/day (20 million bbls/day has been the norm for most of the time I've been blogging);
• this is what's driving the refineries: jet fuel supplied as down a whopping 13% (reported: 12.6%) compared with the same four-week period last year;

Re-balancing:

Week	Week Ending	Change	Million Bbls Storage
Week 0	November 21, 2018	4.9	446.9
Week 1	November 28, 2018	3.6	450.5
Week 2	December 6, 2018	-7.3	443.2
Week 3	December 12, 2018	-1.2	442.0
Week 4	December 19, 2018	-0.5	441.5
Week 5	December 28, 2018	0.0	441.4
Week 6	January 4, 2019	0.0	441.4
Week 7	January 9, 2019	-1.7	439.7
Week 8	January 16, 2019	-2.7	437.1
Week 9	January 24, 2019	8.0	445.0
Week 58	January 3, 2020	-11.5	429.9
Week 59	January 8, 2020	1.2	431.1
Week 60	January 15, 2020	-2.5	428.5
Week 61	January 23, 2020	-0.4	428.1
Week 62	January 29, 2020	3.5	431.7
Week 63	February 5, 2020	3.4	435.0
Week 64	February 12, 2020	7.5	442.5
Week 65	February 20, 2020	0.4	442.9
Week 66	February 26, 2020	0.5	443.3
Week 67	March 4, 2020	0.8	444.1
Week 68	March 11, 2020	7.7	451.8
Week 68	March 18, 2020	2.0	453.7

Compare:

• week 0, November 21, 2018: 446.9 million bbls
• most recently: 453.7 million bbls

Jet fuel delivered:

Jet Fuel Delivered, Change, Four-Week/Four-Week
Week	Week Ending	Change
Week 0	March 11, 2020	-12.80%
Week 1	March 18, 2020	-12.60%

Imported oil to the US:

North America:

• Canada: +178K bopd; now at 3,802K bopd -- pipeline
• Mexico: +213K bopd; now at 816K bopd -- pipeline

South America:

• Venezuela: unchanged at 0
• Colombia: -236K bopd to 294K bopd (cut in half); one VLCC;
• Ecuador: +136K bopd to 216K bopd (more than doubled); one tanker;
• Brazil: +174K to 174K bopd (from 0 last week to 174K bopd this week); one tanker;

Mideast:

• Saudi Arabia: -18K bopd; now at 425K bopd (sitting at record lows); a rounding error in total imports
• Iraq: -183K bopd to 169K bopd (cut more than half); one tanker;

One week changes are very volatile; it doesn't take my supertankers to change the numbers. A VLCC can be loaded with two million bbls in days; two million / seven days = almost 300K bopd.