Weekly EIA Petroleum Report; Jet Fuel Delivered Doubles Year-Over-Year -- May 5, 2021

WTI; $66.48. After the EIA data was released, WTI, no change, at $66.43.

API: yesterday -- a 7.7 million bbl draw. Link here.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies fell by 7.7 million barrels for the week ended April 30, 2021. 

The data also reportedly showed gasoline stockpiles down by 5.3 million barrels, while distillate inventories declined by nearly 3.5 million barrels. 

Crude stocks at the Cushing, OK, storage hub, meanwhile, edged up by 548,000 barrels for the week. 

Inventory data from the Energy Information Administration will be released today (May 5,2021). 

On average, the EIA is expected to show crude inventories down by 3.9 million barrels, according to a survey of analysts conducted by S&P Global Platts. It also forecast supply declines of 500,000 barrels for gasoline and 1.6 million barrels for distillates.

Weekly EIA petroleum report: link here.

• US crude oil in storage: 485.1 million bbls.
• US crude oil in storage decreased by a phenomenal, whopping, indescribable 8.0 million bbls
• refiners are operating at 86.5% -- where we've been for quite some time
• imports averaged 5.5 million bopd, a decrease of 1.2 million bopd from the previous week.
• imports are averaging about 5.8 million bopd, a significant 7.8% more than the same four-week period last week
• distillate fuel inventories decreased by almost 3 million bbls; distillates are about 2% below the five-year average for this time of year;
• total motor gasoline increased a bit but gasoline inventories are still about 2% below the five-year average
• jet fuel product supplied was up 101% compared with four-week period last year

From social media, link here:

ooooof .... disappointing gasoline product supplied numbers; huge imports at 1.02 mbpd. Spreads, cracks falling apart on this report. By the way, crude exports way up at 4.12 million bpd; had been averaging about 2.5 million bpd.

Crude oil imports. I don't know if it means anything, but as a percentage basis, year-over-year, it appears that the US has been importing a larger amount of crude oil over the past few weeks compared to earlier this year. From week 41 to week 46, the last column, the four-week period, year-over-year, was generally negative, and often double digits. Recently, from week 57 on, the percentage has increased, including a double-digit jump last week.

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	-12.90%
Week 42	December 30, 2020	5.3	-0.238	-14.40%
Week 43	January 6, 2021	5.4	0.043	-18.10%
Week 44	January 13, 2021	6.2	0.900	14.90%
Week 45	January 22, 2021	6.0	-0.194	-11.80%
Week 46	January 27, 2021	5.1	-1.000	-13.90%
Week 47	February 3, 2021	6.5	1.400	-9.20%
Week 48	February 10, 2021	5.9	-0.700	-12.00%
Week 49	February 18, 2021	5.9	0.041
Week 50	February 24, 2021	4.6	-1.300	-13.30%
Week 51	March 3, 2021	6.3	1.700	-12.80%
Week 52	March 10, 2021	5.7	-0.600
Week 53	March 17, 2021	5.3	-0.332	13.90%
Week 54	March 24, 2021	5.6	0.300	-9.50%
Week 55	March 31, 2021	6.1	0.500	-9.40%
Week 56	April 7, 2021	6.3	0.119	-5.00%
Week 57	April 14, 2021	5.9	-0.411	7.00%
Week 58	April 21, 2021	5.4	-0.448	5.00%
Week 59	April 28, 2021	6.6	1.200	10.70%
Week 60	May 5, 2021	5.5	-1.200	7.80%