EIA Weekly Petroleum Data -- May 20, 2020

Updates

Later, 12:14 p.m. CT: see comments --

I see a balanced report. Although the crude stocks are down product stocks make up for the crude drop, look at last line of Total Stocks (excluding SPR). Up by 5 million barrels. Next look at the last line Net Imports of Crude and Petroleum Product, imported 388 vs exported 278 barrels from week to week. Figure about 4.5 million barrel differences from the last 2 weeks of reports.

These weekly reports of crude stocks can have swings due to shipping delays of delivery by storms or heavy fog in the Houston ship channel. Couple of delayed VLCC delayed deliveries is 4 million barrel difference in crude stocks.

Refineries have adjusted their processing, likely the excess jet fuel is being cracked into gasoline for example, year to year stock is almost same.

Original Post

EIA weekly report: link here --

• US crude oil in storage: decreased by a whopping 5 million bbls from the previous week;
• change in US crude oil in storage over the past week: 526.5 million bbls, about 10% above the already fat -- and getting fatter -- five-year average
• all that talk about a propane shortage? propane inventories are about 14% above the five-year average for this time of year;
• refiners operating at 69.4% capacity
• gasoline production continued to decrease, as did distillate fuel prodution
• US crude oil imports: 5.2 million bopd, down by almost 200,000 bopd from previous week
• US crude oil imports are almost 25% less than the same four-week period last year
• total products supplied: 16 millio b/d; down almsot 20% from same period last year
• jet fuel supplied down a whopping 67% compared to last year
• WTI: immediately after the report -- up almost 5%; now at $33.49
• OPEC basket: immediately after report -- up over 6%; now about $28.21
• But get this, Russian Urals, up over 11% overnight; reports that China needs more Russian Urals oil;

US crude oil in storage:

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 71	April 8, 2020	15.2	484.4
Week 72	April 15, 2020	19.2	503.6
Week 72	April 22, 2020	15.0	518.6
Week 73	April 29, 2020	9.0	527.6
Week 74	May 6, 2020	4.6	532.2
Week 75	May 13, 2020	-0.7	531.5
Week 76	May 20, 2020	-5.0	526.5

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%
Week 2	March 25, 2020	-8.90%
Week 3	April 1, 2020	-16.40%
Week 4	April 8, 2020	-0.22%
Week 5	April 15, 2020	-39.70%
Week 6	April 22, 2020	-53.60%
Week 7	April 29, 2020	-61.60%
Week 8	May 6, 2020	-66.60%
Week 9	May 13, 2020	-68.50%
Week 10	May 30, 2020	-67.90%

Crude oil imports:

Crude Oil Imports
Week (week-over-week)	Week Ending	Raw Data, millions of bbls	Change (millions of bbls)
Week 0	March 11, 2029	6.4	0.174
Week 1	March 18, 2020	6.5	0.127
Week 2	March 25, 2020	6.1	-0.422
Week 3	April 1, 2020	6.0	-0.070
Week 4	April 8, 2020	5.9	-0.173
Week 5	April 15, 2020	5.7	-0.194
Week 6	April 22, 2020	5.6	-0.700
Week 7	April 29, 2020	5.3	0.365
Week 8	May 6, 2020	5.7	0.410
Week 9	May 13, 2020	5.4	-0.321
Week 10	May 20, 2020	5.2	-0.194