Wednesday, July 27, 2022

Weekly EIA Petroleum Report -- July 27, 2022

The weekly EIIA petroleum report:

  • US crude oil inventories decreased by 4.5 million bbls; this is on top of the seven million bbls of oil released from the SPR;
  • US crude oil inventories now stand at 422.1 million bbls, 6% below the 5-year average;
  • US crude oil imported is so unchanged not even worth the time posting it
  • refineries reported operating at 92.2% of their operable capacity, coming down significantly after recent highs;
  • distillate fuel inventories decreased by 0.8 million bbls; remain 23% below the five-year average;
  • propane inventories increased by 2.6 million bbls, but remain 12% below the five-year average
  • jet fuel supplied was up 9.9% compared with same four-week period last year
  • gasoline demand will be reported later today
  • natural gas fill rate will be reported tomorrow.
  • WTI: which had been up around a dollar per bbl before the report, is now flat, up maybe 0.2%

Other links:

  • US fild production of crude oil, link here;
  • days supply, link here; still robust but trending toward the historical mean (average?);
  • US crude oil exports, link here; trending at record highs;

4 comments:

  1. yeah, crude oil exports were at a record high on a weekly basis, & the 4 week average of distillates exports was at a 47 month high..

    i have US commercial crude inventories at 9.1% below the 5-year average; i'd like to see what kind of math the EIA is using to get 6%...

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    Replies
    1. It's interesting you noted that -- 6% below the five-year average. I thought the same thing when I was typing it. I don't follow any of this as closely as you do, but it sure seems 6% is too small a number. Nine percent certainly seems closer, just thinking about it.

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    2. all i did was figure the average of crude inventories as of the 4th weekend of July going back 5 years; it isn't rocket science...

      thing is, i had never bothered to check that figure until 4 weeks ago, when the EIA"s number went from 10% below the 5-year average to 5% below the 5-year average in one week, and i knew there couldn't be a 5% change in oil inventories week over week, no matter how extreme the numbers were for that week or any of the weeks past...

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    3. Maybe the current administration is changing the definition of crude oil or inventories -- along with changing the definition of recession, etc. LOL.

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