This Week in Petroleum Summary April 24th, 2024 per EIA.GOV

This week's full report.

Pump prices were flat on the week, although down -0.7¢ from last year. Consumption is down from last year's mark, but slightly up from previous week.

Inventories were mixed in this week's report. Crude, -6.4M barrels; Distillates, +1.6M barrels; Gasoline, -600K barrels.

Refinery output continues to lag, against year ago levels.

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

The current crack spread has eased slightly from last week's $29.55, to $29.44. Gasoline at $19.49 from last week's $19.37. Distillates at $9.95, compared to last week's $10.18.

Gasoline pump prices seem to be trading in a narrow band, with some downward pressure in Diesel pricing.

Nothing dramatic in this week's report, imho.

This Week in Petroleum Summary April 17th, 2024 per EIA.GOV

This week's full report.

Pump prices edged up +4.1¢ on the week, although down -1.3¢ from last year. Consumption is down from last year's mark, but slightly up from previous week.

Inventories were mixed in this week's report. Crude, +2.7M barrels; Distillates, -2.8M barrels; Gasoline, -1.2M barrels.

Refinery output is still lagging against year ago levels.

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

The current crack spread has risen slightly from last week's $29.28, to $29.55. Gasoline at $19.37 from last week's $18.79. Distillates at $10.18, compared to last week's $10.49.

The upward pressure on pump prices has moderated, with the current expectation at near current levels, with potential for a drop, not being out of the realm of possibilities.

This Week in Petroleum Summary April 10th, 2024 per EIA.GOV

This week's full report.

While the pump price edged up this past week, by 1.5¢... consumption data suggests a slight pullback.

Inventories were up across the board this past week.

Crude inventories rose +5.8M barrels; distillates rose +1.7M barrels; gasoline stocks rose by +700K barrels.

Refinery output is still lagging against year ago levels.

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

The current crack spread has fell slightly from last week's $30.10, to $29.28. Gasoline at $18.79 from last week's $18.73. Distillates at $10.49, compared to last week's $11.37.

There continues to be an upward pressure on pump prices, with the current expectation at the low $3.70ish range. Diesel appears to be at a level range, with a potential of some slippage.

This Week in Petroleum Summary April 3rd, 2024 per EIA.GOV

This week's full report.

Data suggests a moderate increase in consumption, with a +1.4¢ pump price increase.

The consistent decline in gasoline stocks seems to be elevating the projections for pump prices, with last week's forecast of mid $3.60ish, back to near $3.70, in the upcoming weeks.

The overall...

Crude inventories rose +3.2M barrels; distillates fell -1.3M barrels; gasoline stocks fell by -4.3M barrels.

Refinery output is still lagging against year ago levels.

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

The current crack spread has risen slightly from last week's $29.81, to $30.10. Gasoline at $18.73 from last week's $18.86. Distillates at $11.37, compared to last week's $10.95.

Despite the nervous nellies attempting to spook the market, this is not really so bad, imho.

This Week in Petroleum Summary March 27th, 2024 per EIA.GOV

This week's full report.

Data suggesting a moderation of consumption this past week, which is also seen in steadying of pump prices, with a +2¢ rise.

Current projections indicate somewhat of an easing in upward prices, with last week's forecast of upper $3.60ish, moving to mid $3.60ish, in the upcoming weeks.

The overall...

Crude inventories rose +3.2M barrels; distillates fell -1.2M barrels; gasoline stocks rose by +1.3M barrels.

Refinery output is still lagging against year ago levels.

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

The current crack spread has fallen from last week's $32.24, to $29.81. Gasoline at $18.86 from last week's $20.09. Distillates at $10.95, compared to last week's $12.15.

All in all... a decent looking report, imho.

This Week in Petroleum Summary March 20th, 2024 per EIA.GOV

This week's full report. 

Consumption continues to edge up with gasoline inventories declining... result prices moving upward at the pump. Current projection is upper $3.60ish, in the next few weeks.

The overall...

Crude inventories slid -1.9M barrels; distillates up 600K barrels; gasoline down again at -3.4M barrels.

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

The current crack spread has leveled off since last week to $32.24, with gasoline at $20.09 from last week's $20.05. Distillates at $12.15, compared to last week's $13.13.

This likely translates to additional upward pressure on gasoline, with diesel in a narrow band. 

That's all for this week.

This Week in Petroleum Summary March 14th, 2024 per EIA.GOV

This week's full report. 

Consumption is heading up, just ahead of this week, last year.

Pump prices seem to be edging upward. They now appear to be heading toward a national average in the $3.60ish range. Time will tell. However, diesel seems to be trending lower.

The overall...

Crude inventories slid -1.5M barrels; distillates up 1.0M barrels; gasoline down again at -5.6M barrels.

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

The current crack spread has shot up since last week to $33.18, with gasoline jumping to $20.05 from last week's $17.02. Distillates at $13.13, compared to last week's $12.41.

This likely translates to additional upward pressure on gasoline, with diesel remaining relatively flat. 

That's all for this week.

This Week in Petroleum Summary March 6th, 2024 per EIA.GOV

This week's full report. 

Consumption continues to rise on a weekly basis, but not yet at last year's seasonal levels.

And as can be expected... pump prices are also rising...

Refinery operational levels continue below year ago averages.

Crude inventories rose +1.4M barrels; distillates down -4.1M barrels; gasoline down -4.5M barrels.

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

The current crack spread has shot up since last week to $29.43, with gasoline jumping to $17.02 from last week's $10.89. Distillates at $12.41, compared to last week's $12.01.

This likely translates to additional upward pressure on gasoline, with diesel remaining relatively flat. 

This Week in Petroleum Summary February 28th, 2024 per EIA.GOV

This week's full report. 

Upward movement in consumption continues...

Pump prices are beginning to drift upward...

Refinery levels continue to ease for a 4 week running average.

Crude inventories rose +4.2M barrels; distillates down -510K barrels; gasoline down -2.9M barrels.

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

Distillates per barrel are where the most profit for refineries lie. The current crack spread is $22.91 per barrel, with $12.01 coming from distillate and $10.89 from gasoline. 

Those figures are down compared to last week. It is notable the drop in the diesel portion, which would suggest lessening demand, which is also seen in a slight downward trajectory in pump prices, as well as a slight decrease in refinery output, despite higher crude pricing.

Gasoline pump prices are edging up, which can be reflected in upward crude prices, lessening refinery operation, etc. 

The relationship between diesel and gasoline should not be overlooked.

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. 

This Week in Petroleum Summary February 14th, 2024 per EIA.GOV

This week's full report. 

Mixed messages on consumption.

Pump prices are rising, probably towards that $3.50ish level in the next couple of months.

Refinery operation slipped this report.

Crude inventories rose +12.0M barrels; distillates down -1.9M barrels; gasoline down +3.7M 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. Distillates per barrel are where the most profit for refineries lie. The current crack spread is 27.51 per barrel, with $14.97 coming from distillate and $12.55 from gasoline. 

That's all for now.