This Week in Petroleum Summary February 22nd, 2024 per EIA.GOV

This week's full report. 

Indicators have aligned to suggest upward movement in consumption.

Pump prices have generally stabilized, but I would suggest an upward movement into the $3.50ish range. Very similar to early spring of last year, imho.

Refinery operation continues to ease off, according to the latest 4 wk average.

Crude inventories rose +3.5M barrels; distillates down -4.0M barrels; gasoline down -293K barrels.

For those interested, the exports of Crude, Petroleum Products, Including Gasoline has far outweighed the imports, by this much, since March, 2022.

I added the distillate/diesel category to reflect the volumes + percentages. Distillates per barrel are where the most profit for refineries lie. The current crack spread is $24.83 per barrel, with $12.91 coming from distillate and $11.91 from gasoline. 

All those numbers are down from previous week.

That's all for now.