EIA's Weekly Petroleum Report -- November 23, 2022

Weekly Petroleum Report:

• US crude oil inventories are only five percent below the five-year average; the average -- only five percent lower; should we be worried? Some would have us believe that we should.
  
• for the archives, commercial crude oil inventories dropped 3.7 million bbls; perhaps due to increased refinery activity -- now running at an incredibly impressive 93.9% -- that's almost 94% or rounding up, we get 95%; awful close to 100% of their operable capacity?
• still plenty of diesel / heating oil but we will focus on distillate products still being 13% below the five-year average;
  
• propane, the other fuel farmers depend on? An incredible 10% above the five-year average; has the price of propane dropped proportionately? Oh, yeah, most recently $2.70 / gallon compared to $1.80 in 2019, just before the pandemic; crude oil at the time, under $60 / bbl;
• jet fuel supplied: was down 2.4%

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Gasoline Demand

With regard to the EIA data below, from social media:

Gasoline demand:

Some readers will attribute the decreased demand to EV penetration. I don't.

Demand "destruction":

• work from home "movement";
• high cost of gasoline: US consumer has learned how to conserve.