Weekly EIA Petroleum Report -- July 7, 2022

WTI: up 5.92%; up $5.83; trading at $104.40.

Weekly EIA petroleum report, link here:

• US crude oil inventories increased by a whopping 8.2 million bbls;
• US crude oil inventories are still 10% below the five-year average, at 423.8 million bbls
• US imported 6.8 million bopd last week; an increase of 0.8 million bopd; the four-week average is 6.5 million bbls (yawn -- long term contracts playing out?)
• US refiners are operating at an incredible 94.5% of their operable capacity
• despite that, total mootor gasoline inventories decreased by 2.5 million bbls; 8% below the five-year average; and distillate fuel inventories decreased by 1.3 million bbls; 20% below the five-year average;
• jet fuel supplied was up 15.0%

Summary in one screenshot:

SPR release: one million bopd = 7.0 million bbls over the past week

Domestic production: hits an all-time record (needs to be fact-checked), going over 12 million bbls/day, way ahead of Saudi Arabia.

Total exports: 9.57 million bpd.

Implied gasoline demand: 9.41 million bpd. The magic number is 10 million bpd. 

Some might look at this and suggest the US needs to come up with upwards of one million bopd in extra production to maintain the status quo once the SPR release ends. And at some point it will need to end. As for re-filling the SPR. LOL. Not gonna happen anytime soon. 

Is this why WTI surged 5% after this report was released?

Imports -- look at Canada -- without that Keystone XL, a lot of oil is coming by rail! Link here.