Weekly EIA Petroleum Report -- February 3, 2021

Weekly EIA petroleum report, link here:

• US crude oil inventories decreased by 1.0 million bbls;
• US crude oil in storage now stands at 475.7 million bbls, about 4% above the already-fat five-year average;
• refiners are operating at 82.3% of their capacity;
• distillate fuel inventories were unchanged; remain about 8% above the already-fat five-year average for this time of the year;
• jet fuel supplied was down 31.2% compared with same four-week period last year;

Going forward, but we probably won't see it in the numbers for quite some time, the most interesting number to watch will be US imports of foreign crude oil once the Biden mandates have been in place for six months.

Going forward, the two most important data points to follow in the weekly EIA petroleum report to see how the US economy is doing:

• distillate fuel; and,
• jet fuel supplied

And, finally, the data point that jumped out at me in this report: jet fuel supplied. After an almost-uninterrupted decline in the change of jet fuel delivered, unexpectedly, the percentage rose this past week. It's not much but it is there. It will be interesting to see the June numbers, year-over-year, 2020-over-2021.

Jet fuel supplied: