Summary of Weekly Petroleum Data for the week ending Aug 28 I think the issue for the market is the hi-lited items, despite the consistent draws over the last 5 weeks. The problem is the amount of inventory above average levels. However, the consistent decline is good and once air travel sees some level of activity we will range bound for oil and oil equities. But I believe in the next 3-6 months we will see resurgence in prices.
Summary of Weekly Petroleum Data for the week ending August 28, 2020 U.S. crude oil refinery inputs averaged 13.9 million barrels per day during the week ending August 28, 2020 which was 0.8 million barrels per day less than the previous week’s average. Refineries operated at 76.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day. U.S. crude oil imports averaged 4.9 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 20.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 577,000 barrels per day, and distillate fuel imports averaged 166,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.4 million barrels from the previous week. At 498.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year. Total motor gasoline inventories decreased by 4.3 million barrels last week and are about 4% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 23% above the five year average for this time of year. Propane/propylene inventories increased by 4.4 million barrels last week and are about 11% above the five year average for this time of year. Total commercial petroleum inventories decreased by 7.8 million barrels last week. Total products supplied over the last four-week period averaged 18.3 million barrels a day, down by 15.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 8.9% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 5.1% from the same period last year. Jet fuel product supplied was down 47.1% compared with the same four-week period last year.