Weekly EIA crude report bearish. Build of 1.9MM barrels ... in the middle of the summer driving season.
eia.doe.gov
Summary of Weekly Petroleum Data for the Week Ending July 17, 2009
U.S. crude oil refinery inputs averaged nearly 14.8 million barrels per day
during the week ending July 17, 326 thousand barrels per day below the previous
week's average. Refineries operated at 85.8 percent of their operable capacity
last week. Gasoline production rose last week, averaging 9.2 million barrels per
day. Distillate fuel production increased last week, averaging nearly 4.1
million barrels per day.
U.S. crude oil imports averaged 9.2 million barrels per day last week, down 346
thousand barrels per day from the previous week. Over the last four weeks, crude
oil imports have averaged 9.3 million barrels per day, 723 thousand barrels per
day below the same four-week period last year. Total motor gasoline imports
(including both finished gasoline and gasoline blending components) last week
averaged 1.0 million barrels per day. Distillate fuel imports averaged 252
thousand barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) decreased by 1.8 million barrels from the previous week. At
342.7 million barrels, U.S. crude oil inventories are above the upper boundary
of the average range for this time of year. Total motor gasoline inventories
increased by 0.8 million barrels last week, and are near the upper limit of the
average range. Both finished gasoline inventories and gasoline blending
components increased last week. Distillate fuel inventories increased by 1.2
million barrels, and are above the upper boundary of the average range for this
time of year. Propane/propylene inventories increased by 2.0 million barrels
last week and are above the upper limit of the average range. Total commercial
petroleum inventories increased by 1.9 million barrels last week, and are above
the upper limit of the average range for this time of year.
Total products supplied over the last four-week period has averaged 18.6 million
barrels per day, down by 4.8 percent compared to the similar period last year.
Over the last four weeks, motor gasoline demand has averaged nearly 9.2 million
barrels per day, up by 0.7 percent from the same period last year. Distillate
fuel demand has averaged about 3.3 million barrels per day over the last four
weeks, down by 11.0 percent from the same period last year. Jet fuel demand is
13.9 percent lower over the last four weeks compared to the same four-week
period last year.
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