Crude Inventory Data Shows Larger Than Expected Draw

(Updated - July 26, 2017 10:32 AM EDT)

• Crude Inventory -7.2M Barrels vs -3.13M Expected
• Cushing -1.7M
• Gasoline -1.02M vs -1.77M Expected
• Distilalte -1.85M vs -461K Expected

U.S. crude oil refinery inputs averaged 17.3 million barrels per day during the week ending July 21, 2017, 166,000 barrels per day more than the previous week’s average. Refineries operated at 94.3% of their operable capacity last week. Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging over 5.1 million barrels per day.

U.S. crude oil imports averaged over 8.0 million barrels per day last week, up by 48,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.8 million barrels per day, 4.2% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 723,000 barrels per day. Distillate fuel imports averaged 130,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 483.4 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories decreased by 1.0 million barrels last week, but are in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.9 million barrels last week but are near the upper limit of the average range for this time of year. Propane/propylene inventories increased by 0.2 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories decreased by 9.4 million barrels last week.

Total products supplied over the last four-week period averaged about 21.2 million barrels per day, up by 4.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.7 million barrels per day, down by 0.3% from the same period last year. Distillate fuel product supplied averaged over 4.2 million barrels per day over the last four weeks, up by 13.2% from the same period last year. Jet fuel product supplied is up 10.7% compared to the same four-week period last year.

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