EIA Weekly Petroleum Report -- September 15, 2021

WTI:

• prior to this report, WTI was trading just below $73/bbl
• after this report was released, WTI moved slightly ahead of $73
• WTI is now up almost 4% for the day (actual: 3.66%)
• up $.258/bbl
• trading at $73.04
• Resident Biden asking for telephone number for AARP (he meant to ask for telephone number for OPEC but was making a small joke for benefit of his staff who are exempt from any vaccine mandate). Another joke.
• not to worry: surge in price of oil is only transitory; will "go away" when Joe Biden goes away.
  

EIA weekly report, link here.

• US crude oil inventories decreased by a whopping 6.5 million bbls of oil (Hurricane Ida about two weeks ago)
• US crude oil inventories now stand at 417.4 million bbls, 7% below the five-year average
• refiners are operating at 82.1% of their operable capacity (considering all the stories about refineries being down after Hurricane Ida, I thought it would be worse)
• US crude oil imports averaged 5.8 million bpd last week, yawn; down 48,000 bbls per day -- isn't that interesting? --
• US crude oil imports are currently averaging 6.0 million bbls per day, 13.3% more than the same four-week period last year; last year was the year of the plague, if I recall correctly
• total motor gasoline inventories decreased by 1.9 million bbls last week and are 45 below the five-year average
• distillate fuel inventories decreased by 1.7 million bbls last week; distillate fuel inventories are now down an incredible 13% below the five-year average; this all has to do with the Keystone XL being killed
• jet fuel product supplies was up 59.1% compare with same period last year; we need to see comparison to 2019 to put this in proper context

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 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 67	June 23, 2021	6.9	0.197	-1.00%
Week 68	June 30, 2021	6.4	-0.500	2.80%
Week 69	July 8, 2021	5.9	-0.500	-2.20%
Week 70	July 14, 2021	6.2	0.347	-0.10%
Week 71	July 21, 2021	7.1	0.900	2.90%
Week 72	July 28, 2021	6.5	-0.600	6.90%
Week 73	August 4, 2021	6.4	-0.075	15.80%
Week 74	August 11, 2021	6.5	-0.036	16.30%
Week 75	August 18, 2021	6.4	-0.064	14.10%
Week 76	August 25, 2021	6.2	-0.193	8.80%
Week 77	September 1, 2021	6.3	-0.183	13.90%
Week 78	September 8, 2021	5.8	-0.500	12.20%
Week 79	September 15, 2021	5.8	-0.048	13.30%

 Distillate fuel inventories:

Distillate Fuel Inventories
Week	Date of Report	Change in Millions	Relative to 5-Yr Avg
Week 42	June 10, 2021	4.40	-5.0%
Week 43	June 16, 2021	-1.00	-6.0%
Week 44	June 23, 2021	1.80	-4.0%
Week 45	June 30, 2021	0.90	-5.0%
Week 46	July 8, 2021	1.60	-6.0%
Week 47	July 14, 2021	3.70	-4.0%
Week 48	July 21, 2021	-1.30	-4.0%
Week 49	July 28, 2021	-3.10	-7.0%
Week 50	August 4, 2021	0.80	-6.0%
Week 51	August 11, 2021	1.80	-6.0%
Week 52	August 18, 2021	-2.70	-8.0%
Week 53	August 25, 2021	0.60	-8.0%
Week 54	September 1, 2021	-1.70	-9.0%
Week 55	September 9, 2021	-3.10	-12.0%
Week 56	September 15, 2021	-1.70	-13.0%