EIA's Weekly Petroleum Report -- December 7, 2022

Weekly Petroleum Report.

 The API report from yesterday.  

The EIA weekly petroleum report today:

• commercial crude oil inventories: decreased by 5.2 million bbls
• at 413.9 million bbls, US commercial crude oil inventories are 9% below the five-year aveerage
  
• refiners are operating at an astounding 95.5% of their operating capacity;
• US crude oil imports: yawn.
  
• US distillate inventories increased by 6.2 million bbls but are still 9% below the five-year average.
  
• jet fuel supplied was up a pretty remarkable 7.5% considering no traveling holiday this past week
  
• the gasoline demand data will be posted later today 
• WTI: price remains "flat" today after huge drop the past few days;
  

Gasoline demand, link here:

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How Quickly Things Change

Engie: this is pretty cool. Yesterday on the blog:

December 6, 2022: Sempra signs LNG supply deal with Engie for Port Arthur project

• Engie: French power company
• Phase 1 of the proposed Port Arthur LNG project under development
• Engie will purchase 875 metric tones / year; 15-year term

The obvious question was not asked. What else is Engie up to?

Glad you asked.

Link here. 

Note: Engie (French) is now buying LNG from the United States.

What makes this so interesting is this: do you all remember that great story and that great map from January 29, 2018 -- three years ago?

At that time, New England was importing Russian LNG transiting through the French Engie terminal.

So, we now have New England competing with Europe for US LNG from the Permian. 

From that January 29, 2018, story:

From Bloomberg today: as first LNG tanker from Siberia awaits landing in Boston, a second ship may be coming.

A second tanker carrying Russian natural gas may be on the way to the U.S., following in the footsteps of a ship now sitting near Boston Harbor with a similar cargo.

The Gaselys tanker, which has been sitting for two days in the waters outside of Boston, carries liquefied natural gas originally produced in Siberia, according to vessel tracking data. The ship, poised to dock at Engie SA's Everett import terminal, would be the first LNG shipment from anywhere other than Trinidad and Tobago in about three years.
Now Engie is poised to pick up a second Russian cargo from northern France that may land in Massachusetts on Feb. 15, according to Kpler SAS, a cargo-tracking company.

The tankers would arrive at a time when New England is paying a hefty premium for supplies as pipeline capacity limits flows of cheap shale gas from other parts of the country in the peak demand season.

The tanker named Provalys was sailing to France's Dunkirk terminal to pick up LNG on Friday and unload a small amount of it nearby in Belgium before heading across the Atlantic, the cargo tracker said. Engie couldn't be immediately reached for comment about this shipment.

Gaselys loaded its cargo at the Isle of Grain terminal near London, where another tanker had unloaded the Russian LNG. French energy giant Engie bought the cargo on the spot market "due to the high natural gas demand during the recent record cold snap," Carol Churchill, a spokeswoman at Engie's Everett terminal said in an email Wednesday.

Again, unless I missed it, Bloomberg does not mention the de facto natural gas pipeline moratorium in New England.

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Barstool Math

Link here.

C'mon man.