Weekly EIA Report -- December 30, 2020

Updates

Later, 1:48 p.m. CT: 

Original Post

Two stories developing:

• distillate fuel inventories relative to five-year average;
• jet fuel delivered trending toward the mean;

Link here.

• US crude oil supplies decreased by a remarkable 6.1 million bbls from the previous week;
• US crude oil in storage now at 493.5 million bbls, about 11% above the already-fat-five-year average;
• US refiners operating at 79.4% operable capacity;
• the US imported 5.3 million bbls per day last week, down by 238,000 bopd fro the previous week;
• imports over the past four weeks about 14.4% less than same period last week;
• distillate fuel inventories increased by 3.1 million bbls last week and are about 6% above the already-fat-five-year average for this time of year;
• jet fue supplied was down 31.8% compared with same four-week period last year;

A quick look at the numbers suggests the big story is distillate fuel inventories. I did this quickly and there may be errors but this is my spreadsheet:

Distillate Fuel Inventories
Week	Date of Report	Change in Millions	Relative to 5-Yr Avg
Week 1	August 26, 2020	1.40	24.0%
Week 2	September 2, 2020	-1.70	23.0%
Week 3	September 10, 2020	-1.70	20.0%
Week 4	September 16, 2020	3.50	22.0%
Week 5	September 23, 2020	-3.40	21.0%
Week 6	September 30, 2020	-3.20	21.0%
Week 7	October 7, 2020	-1.00	23.0%
Week 8	October 15, 2020	-7.20	19.0%
Week 9	October 21, 2020	-3.80	19.0%
Week 10	October 28, 2020	-4.50	17.0%
Week 11	November 4, 2020	-1.60	18.0%
Week 12	November 12, 2020	-5.40	15.0%
Week 13	November 18, 2020	-5.20	11.0%
Week 14	November 25, 2020	-1.40	8.0%
Week 15	December 2, 2020	3.20	8.0%
Week 16	December 9, 2020	5.20	11.0%
Week 17	December 16, 2020	0.20	11.0%
Week 18	December 23, 2020	-2.30	10.0%
Week 19	December 30, 2020	3.10	6.0%

Note how down the change is "relative to the five-year average. Again, if I have this wrong, "focus on fracking" will sort it out Sunday night. 

Gasoline demand, link here: