Summary of Weekly Petroleum Data for the week ending July 12, 2024 Released July 17
U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending July 12, 2024, which was 181 thousand barrels per day less than the previous week’s average. Refineries operated at 93.7% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day.
U.S. crude oil imports averaged 7.0 million barrels per day last week, increased by 277 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.7 million barrels per day, 1.1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 728 thousand barrels per day, and distillate fuel imports averaged 108 thousand barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.9 million barrels from the previous week. At 440.2 million barrels, U.S. crude oil
inventories are about 5% below the five year average for this time of year.
Total motor gasoline inventories increased by 3.3 million barrels from last week and are slightly above the five year average for this time of year. Finished gasoline inventories decreased while blending
components inventories increased last week. Distillate fuel inventories increased by 3.5 million
barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories increased by 4.6 million barrels from last week and are 16% above the five year average for this time of year. Total commercial petroleum inventories
increased by 10.4 million barrels last week. Total products supplied over the last four-week period averaged 20.5 million barrels a day, up by 1.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 0.2% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, up by 3.9% from the same period last year. Jet fuel product supplied was up 0.7% compared with the same four week period last year.
Oil rises by 1% after US inventories report
The prices of oil futures advanced on Wednesday after the United States posted a decline in its inventories of 4.9 million barrels according to the Energy Information Administration. West Texas Intermediate (WTI) for August increased to sell for $81.00 per barrel. Brent for September settlements was quoted at $84.66 per barrel.
NN: Like I told for the next month or so it is about the inventories.