Wednesday, August 12, 2020

Weekly EIA Petroleum Report -- Gasoline Imports At A 53-Week High -- August 12, 2020

Updates, see comments:

About the only thing I found surprising was that gasoline imports were at a 53-week high, like we don't already have enough gasoline sloshing around.

Oh, and that reported 300,000 bpd decrease in production; i think it should have been an increase...hope they aren't overreacting to the mistake they made in May...

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Original Post

Link here.

  • US crude oil in storage: 514.1 million bbls, about 15% above the already fat five-year average;
  • US crude oil in storage decreased by a moderate 4.5 million bbls;
  • refiners are operating at 81.0% capacity, pretty much unchanged, but up slightly from last report:
  • US imported 5.6 million bopd, down by 389,000 bopd from previous week;
  • over the past four weeks, crude oil imports averaged about 5.7 million bpd, 20.4% less than the same four-week period last year;
  • total products supplied averaged 18.5 million bpd, down by 14.3% from same period last year
  • distillate fuel product supplied averaged 3.6 million bpd over the past four weeks; down by 9.3% from the same period last year
  • distillate fuel inventories decreased by 2.3 million bbls, but still an astounding 24% above the already fat five-year average for this time of the year;
  • jet fuel supplied was down 45.8% compared with same four-week period last year; about the same as previous report;
Crude oil re-balancing:

Week

Date of Report=

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 76

May 20, 2020

-5.0

526.5

Week 77

May 28, 2020

7.9

534.4

Week 78

June 3, 2020

-2.1

532.3

Week 79

June 10, 2020

5.7

538.1

Week 80

June 17, 2020

1.2

539.3

Week 81

June 24, 2020

1.4

540.7

Week 82

July 1, 2020

-7.2

533.5

Week 83

July 8, 2020

5.7

539.2

Week 84

July 15, 2020

-7.5

531.7

Week 85

July 22, 2020

4.9

536.6

Week 86

July 29, 2020

-10.6

526.0

Week 87

August 5, 2020

-7.4

518.6

Week 88

August 12, 2020

-4.5

514.1

Imports:

Crude Oil Imports





Week (week-over-week)

Date of Report

Raw Data, millions of bbls

Change (millions of bbls)

Four-week period comparison

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

-19.700%

Week 8

May 6, 2020

5.7

0.410


Week 9

May 13, 2020

5.4

-0.321

-26.100%

Week 10

May 20, 2020

5.2

-0.194


Week 11

May 28, 2020

7.2

2.000

-16.400%

Week 12

June 3, 2020

6.2

-1.000

-18.300%

Week 13

June 10, 2020

6.4

0.000

-13.300%

Week 14

June 17, 2020

6.6

-0.222

-10.000%

Week 15

June 24, 2020

6.5

-0.102

-11.600%

Week 16

July 1, 2020

6.5

-0.600

-11.300%

Week 17

July 8, 2020

7.4

1.400

-8.500%

Week 18

July 15, 2020

7.5

-1.800

-10.200%

Week 19

July 22, 2020

5.9

0.373

-13.500%

Week 20

July 29, 2020

5.1

-0.800

-13.600%

Week 21

August 5, 2020

6.0

0.900

-18.100%

Week 22

August 12, 2020

5.6

-0.389

-20.400%

Jet fuel:

Jet Fuel Delivered, Change, Four-Week/Four-Week



Week

Date of Report

Change

Week 0

3/7/2020

-12.80%

Week 1

3/14/2020

-12.60%

Week 2

3/21/2020

-8.90%

Week 3

3/28/2020

-16.40%

Week 4

4/4/2020

-0.22%

Week 5

4/11/2020

-39.70%

Week 6

4/18/2020

-53.60%

Week 7

4/24/2020

-61.60%

Week 8

5/1/2020

-66.60%

Week 9

5/8/2020

-68.50%

Week 10

5/15/2020

-67.90%

Week 11

May 22, 2020

-66.60%

Week 12

June 3, 2020

-68.70%

Week 13

June 10, 2020

-63.70%

Week 14

June 17, 2020

-62.30%

Week 15

June 24, 2020

-62.50%

Week 16

July 1, 2020

-60.00%

Week 17

July 8, 2020

-57.20%

Week 18

July 15, 2020

-51.90%

Week 19

July 22, 2020

-47.70%

Week 20

July 29, 2020

-42.10%

Week 21

August 5, 2020

-40.90%

Week 22

August 12, 2020

-45.80%

2 comments:

  1. about the only thing i found surprising was that gasoline imports were at a 53 week high, like we don't already have enough gasoline sloshing around...

    oh, and that reported 300,000 bpd decrease in production; i think it should have been an increase...hope they aren't overreacting to the mistake they made in May...

    ReplyDelete
    Replies
    1. One wonders if the gasoline imports are for California, and maybe the northeast corridor. I assume it's all a form of "arbitrage."

      Delete

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