Crude Inventory Data Shows Decline of 2.2 Million Barrels Last Week

• Crude Inventory -2.2M Barrels vs -171K Expected
• Cushing 132K
• Gasoline 6.48M vs 192K Expected
• Distillate -1.27M vs -156K Expected

Summary of Weekly Petroleum Data for the week ending September 29, 2023

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending September 29, 2023, which was 463 thousand barrels per day less than the previous week’s average. Refineries operated at 87.3% of their operable capacity last week. Gasoline production decreased last week, averaging 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.2 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 6.9 million barrels per day, 9.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 919 thousand barrels per day, and distillate fuel imports averaged 85 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.2 million barrels from the previous week. At 414.1 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 6.5 million barrels from last week and are about 1% above the five year average for this time of year. Both Finished gasoline and blending components inventories increased last week. Distillate fuel inventories decreased by 1.3 million barrels last week and are about 13% below the five year average for this time of year. Propane/propylene inventories slightly decreased from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories increased by 4.6 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, up by 1.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.3 million barrels a day, down by 5.0% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 4.8% from the same period last year. Jet fuel product supplied was up 10.6% compared with the same fourweek period last year.

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