Crude Inventory Data Shows Surprise Build of 5.8M Barrels

(Updated - May 23, 2018 10:32 AM EDT)

• Crude Inventory +5.78M Barrels vs -2.07M Expected
• Cushing -1.1M
• Gasoline +1.88M vs -1.42M Expected
• Distillate -951K vs -1M Expected

U.S. crude oil refinery inputs averaged over 16.6 million barrels per day during the week ending May 18, 2018, 7,000 barrels per day less than the previous week’s average. Refineries operated at 91.8% of their operable capacity last week. Gasoline production increased last week, averaging over 10.0 million barrels per day. Distillate fuel production decreased last week, averaging over 4.9 million barrels per day.

U.S. crude oil imports averaged about 8.2 million barrels per day last week, up by 558 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 3.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,063,000 barrels per day. Distillate fuel imports averaged 24,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.8 million barrels from the previous week. At 438.1 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 1.9 million barrels last week, and are in the upper half of the average range. Finished gasoline and blending components inventories increased last week. Distillate fuel inventories decreased by 1.0 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories increased by 0.7 million barrels last week, and are in the lower half of the average range. Total commercial petroleum inventories increased by 6.7 million barrels last week.

Total products supplied over the last four-week period averaged over 20.4 million barrels per day, up by 1.5% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.5 million barrels per day, up by 1.0% from the same period last year. Distillate fuel product supplied averaged about 4.2 million barrels per day over the last four weeks, down by 1.9% from the same period last year. Jet fuel product supplied is down 4.7% compared to the same four-week period last year.

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