Weekly EIA Petroleum Report -- April 19, 2023

Locator: 44419B.

Weekly EIA petroleum report, link here.

• US commercial crude oil inventories decreased by a whopping 4.6 million bbls;
• at 466.0 million bbls, US crude oil inventories are 2% above the five-year average which includes an outlier year, 2020, and possibly another outlier year, 2021; maybe one can do the seven-year average "minus" years 2020 and 2021
• when I do the math, I get about 3.6% -- US commercial crude oil inventories are about 3.6% above the five-year average excluding the outlier years, 2020 and 2021 
• I often make simple arithmetic errors, and, it also depends on what month of the years we're talking about
• from my perspective, oil inventories are in excellent shape for the consumer based on historical norms
• the US supply measured in days of supply is, for me, a better metric, and that metric suggests anything but bullish for "long oil" investors; last week it was 30.2 days; most recent data 29.7.
  
• US crude oil imports: yawn
• US crude oil refiners operating at 91.0% of their operable capacity; a notable increase over the past several months; gearing up for summer driving season;
• distillate fuel inventories decreased by 0.4 million bbls; distillates fuel inventories now 11% below the five-year average, and it would have been even worse if two outlier years (2020 and 2021) were not part of the average;
• jet fuel product supplied was up 5.4% y/y
• WTI: following the release of the weekly report, WTI was down 1.6%; down $1.27; trading at $79.59.