EIA Weekly Petroleum Report -- Huge Decline Is Crude Oil Inventories -- September 2, 2020

WTI drops $1.12; drops 2.6%; now trading well below $42.

Link here.

• US crude oil in storage decreased by a whopping 9.4 million bbls;
• US crude oil in storage now stands at 498.4 million bbls, still 14% above the already-fat five-year average;
• imports averaged 4.9 million bopd; which was a decrease of 1.0 million bopd from the previous week;
• imports average about 5.5 million bopd, or 20% less than the same four-week period last year
• refineries operated at 76.7% of their operable capacity; this was a significant drop;
• distillate inventories decreased by 1.7 million bbls but are still a whopping 23% above the five-year average for this time of the year
• propane is back in the news as near the harvesting season: propane inventories increased by 4.4 million bbls and are about 11% above the five-year average
• jet fuel delivered was down 47.1% compared with the same four-week period last year
• United Airlines just announced huge layoffs at the time this summary was being produced;

Jet fuel supplied:

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 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%
Week 23	August 19, 2020	-47.60%
Week 24	August 26, 2020	-45.70%
Week 25	September 2, 2020	-47.10%

US crude oil inventories:

Date of Report=	Change	Million Bbls Storage	Over/under 5-year average
November 21, 2018	4.9	446.9
November 28, 2018	3.6	450.5
December 6, 2018	-7.3	443.2
December 12, 2018	-1.2	442.0
December 19, 2018	-0.5	441.5
December 28, 2018	0.0	441.4
July 15, 2020	-7.5	531.7	17%
July 22, 2020	4.9	536.6	19%
July 29, 2020	-10.6	526.0	17%
August 5, 2020	-7.4	518.6	16%
August 12, 2020	-4.5	514.1
August 19, 2020	-1.6	512.5
August 26, 2020	-4.7	507.8	15%
September 2, 2020	-9.4	498.4	14%

Distillate fuel inventories:

Distillate Fuel Inventories
Week	Date of Report	Change in Millions	Relative to 5-Yr Avg
Week 1	August 26, 2020	1.40	24%
Week 2	September 2, 2020	-1.70	23.00%

Crude oil 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%
Week 23	August 19, 2020	5.7	0.109	-21.700%
Week 24	August 26, 2020	5.9	0.185	-16.900%
Week 25	September 2, 2020	4.9	-1.000	-20.200%