Weekly EIA petroleum report:
- US crude oil inventories increased by a whopping 4.5 million bbls.
- US crude oil inventories stand at 426.6 million bbls.
- US crude oil imports averaged 7.3 million bbls per day, increased by 1.2 million bbls per day; over the past four weeks, crude oil imports average 6.7 million bbls, 1.7% more than same four-week period last year;
- US refiners operating at only 91.0% of their operable capacity; continues to trend down
- by the way, I believe the SPR release has averaged about 650,000 bopd (mostly sour) despite the offer to release one million bopd over the past two months -- numbers maybe inexact, but trend is accurate
- US distillate inventories decreased by 2.4 million bbls; now 25% below the five-year average;
- US jet fuel delivered was down 0.7%, so we're almost back to what it was a year ago.
Three interesting data points:
- crude oil imports increasing;
- refiners operating at only 91% of their operable capacity (as gasoline prices fall to below $4)
- but most interesting, jet fuel supplied:
My view on inventory is that it's down on crude and product when considering the nearly 4.5 million barrels withdraw from the SPR is included. Exports were about 3.8 million barrels on today's report.
ReplyDeleteIMHO there's still a big demand for diesel and jet fuel, gasoline is leveling off. A lot less expensive to crack fuel oil into gasoline then to go from gasoline to jet fuel or diesel
Okay.
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