A Closer Look At Today's EIA Weekly Petroleum Report -- April 14, 2021

From earlier today:

Link here. 

Weekly EIA petroleum report:

• US crude oil in storage: 492.4 million bbls; only one percent above the five-year average for this time of year;
• US crude oil in storage decreased by a non-trivial 5.9 million bbls from the previous week;
• US distillate fuel supplies decreased by 2.1 million bbls last week, but still 4% above the five-year average;
• US refiners operating at 85% their operable capacity;
• imports, FWIW, averaged almost 6 million bpd; down by about a half-million bpd;
• over the past four weeks, crude oil imports averaged 6 million bpd; 0.7% more than same four-week period last week;

So, think about that: possibly driving into the most uncharted territory ever -- coming out of a pandemic where people do not want to use mass transportation, and US driving season about to begin --

• US crude oil in storage only one percent above the five-year average for this time of the year;
• what about gasoline: production is increasing but inventories decreased last week;
• gasoline imports are running about a million bpd day (rounded up from 839,000 bpd)

Now, more. The weekly EIA petroleum report was absolutely incredible. It paints an incredible picture of just how fast "we" are coming out of the pandemic. 

Jet fuel delivery: look at the huge change -- this was such an incredible change, I had to check it twice:

Jet Fuel Delivered, Change, Four-Week/Four-Week
Week	Date of Report	Change
Week 41	March 3, 2021	-24.20%
Week 42	March 10, 2021	-29.80%
Week 43	March 17, 2021	-36.20%
Week 44	March 24, 2021	-35.40%
Week 45	March 31, 2021	-30.20%
Week 46	April 7, 2021	-11.70%
Week 47	April 14, 2021	24.80%

Crude oil imports, look at the last column:

Crude Oil Imports
Week (week-over-week)	Date of Report	Raw Data, millions of bbls	Change (millions of bbls)	Four-week period comparison
Week 41	December 23, 2020	5.6	0.140	-12.900%
Week 42	December 30, 2020	5.3	-0.238	-14.400%
Week 43	January 6, 2021	5.4	0.043	-18.100%
Week 44	January 13, 2021	6.2	0.900	14.900%
Week 45	January 22, 2021	6.0	-0.194	-11.800%
Week 46	January 27, 2021	5.1	-1.000	-13.900%
Week 47	February 3, 2021	6.5	1.400	-9.200%
Week 48	February 10, 2021	5.9	-0.700	-12.000%
Week 49	February 18, 2021	5.9	0.041
Week 50	February 24, 2021	4.6	-1.300	-13.300%
Week 51	March 3, 2021	6.3	1.700	-12.800%
Week 52	March 10, 2021	5.7	-0.600
Week 53	March 17, 2021	5.3	-0.332	13.900%
Week 54	March 24, 2021	5.6	0.300	-9.500%
Week 55	March 31, 2021	6.1	0.500	-9.400%
Week 56	April 7, 2021	6.3	0.119	-5.000%
Week 57	April 14, 2021	5.9	-0.411	0.700%

Distillate fuel in storage:

Distillate Fuel Inventories
Week	Date of Report	Change in Millions	Relative to 5-Yr Avg
Week 20	January 6, 2021	6.40	4.0%
Week 21	January 13, 2021	4.80	9.0%
Week 22	January 22, 2021	0.50	8.0%
Week 23	January 27, 2021	-0.80	8.0%
Week 24	February 3, 2021	0.00	8.0%
Week 25	February 10, 2021	-1.70	7.0%
Week 26	February 18, 2021	-3.40	6.0%
Week 27	February 24, 2021	-5.00	3.0%
Week 28	March 3, 2021	-9.70	-17.0%
Week 29	March 10, 2021	-5.50	-4.0%
Week 30	March 17, 2021	0.30	-2.0%
Week 31	March 24, 2021	3.80	1.0%
Week 32	March 31, 2021	2.50	4.0%
Week 33	April 7, 2021	1.50	5.0%
Week 34	Apr 14, 2021	-2.10	4.0%