Weekly EIA Petroleum Report -- November 3, 2021

Link here.

• US crude oil inventories increased by 3.3 million bbls.
• US crude oil inventories now stand at 434.1 million bbls, 6% below the very fat five-year average. In other words, more than enough crude oil in storage for the short term, and operators are adding more every week.
• refiners are operating at 86.3% of their operable capacity;
• US crude oil imports averaged 6.2 million bopd last week, down 83,000 bopd (yawn);
• over the past four weeks, crude oil imports averaged about 6.1 million bopd, 14.9% more than same four week period last year.
• distillate fuel inventories increased by 2.2 million bbls last week and are about 5% below the five year average; looking at a lot better than previously thought
• jet fuel supplied was up 44.5% compared with same four-week period last year (but how did that compare to 2019, the year before the year of the plague)

Gasoline demand. Link here. Remains flat. Demand destruction at $4.50 / gallon?