Wednesday, February 16, 2022

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

4 comments:

  1. I see the bullish trend continuing for oil prices
    -Total stocks of crude and product including SPR -12.6 million barrels
    -Domestic crude production flat a 11.6 million barrels
    -Total import of crude and product 11.7 million barrels

    ReplyDelete
    Replies
    1. After years of tracking this weekly, it seems I'm getting less and less out of it.

      Delete
  2. commercial oil inventories increased on a big SPR draw; total oil inventories fell to a new 13 year low; Bloomberg had an article on 4 Gulf Coast refineries freezing off; i didn't see any other mention of it

    ReplyDelete
    Replies
    1. It will be truly fascinating to see whether supply can meet demand this summer.

      Delete

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