Crude Inventory Climbed 3.3 Million Barrels Last Week, Says EIA

(Updated - July 13, 2022 10:32 AM EDT)

• Crude Inventory +3.25M Barrels vs -469K Expected
• Cushing +316K
• Gasoline +5.83M vs -1M Expected
• Distillate +2.67M vs +793K Expected

Summary of Weekly Petroleum Data for the week ending July 8, 2022

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending July 8, 2022 which was 202,000 barrels per day more than the previous week’s average. Refineries operated at 94.9% of their operable capacity last week. Gasoline production decreased last week, averaging 8.9 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, decreased by 0.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 1.2% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 715,000 barrels per day, and distillate fuel imports averaged 137,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.3 million barrels from the previous week. At 427.1 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 5.8 million barrels last week and are about 5% below the five year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 2.7 million barrels last week and are about 18% below the five year average for this time of year. Propane/propylene inventories increased by 2.9 million barrels last week and are about 12% below the five year average for this time of year. Total commercial petroleum inventories increased by 21.7 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 4.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 8.0% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 0.4% from the same period last year. Jet fuel product supplied was up 6.6% compared with the same four-week period last year

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