EIA's Weekly Petroleum Report -- February 16, 2022
Link here.
- US crude oil inventories increased by a paltry 1.1 million bbls; now stands at 411.5 million bbls
- US crude oil inventories are 10% below the five-year average
- it's important to note that the most recent five years has been relatively "fat" compared to earlier reporting periods; despite all this hand-wringing over declining inventories, the US is in great shape; oil supply is not the problem with price of gasoline
- US crude oil imports averaged 5.8 million bbls per day last week; decreased by 0.6 million bopd from previous week. Yawn.
- on average, over last four weeks, crude oil imports average 6.4 million bpd, 9.3% more than same period last year
- think: California; East Coast; and refiners needing heavy oil to balance out glut of light oil
- refiners operating at 85.3% operating capacity which seems to be one of the lowest reported in recent memory; generally expect about 87%, maybe 89% but 85% seems significantly less than expected; spring switchover / maintenance prior to driving season
- production for both gasoline and distillate fuel decreased last week
- distillate fuel inventories decreased by 1.6 million bbls last week; 19% below the five-year average
- jet fuel supplied was up 28% compared with same four-week period last year
