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Wednesday, November 3, 2021

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?

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