Crude Inventory Data Shows Unexpected Build of 2.8 Million Barrels

(Updated - March 27, 2019 10:32 AM EDT)

• Crude Inventory +2.8M Barrels vs -945K Expected
• Cushing +541K
• Gasoline -2.88M vs -2.81M Expected
• Distillate -2.08M vs -509K Expected

Summary of Weekly Petroleum Data for the week ending March 22, 2019

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 22, 2019, which was 367,000 barrels per day less than the previous week’s average. Refineries operated at 86.6% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 392,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 11.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 688,000 barrels per day, and distillate fuel imports averaged 195,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.8 million barrels from the previous week. At 442.3 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.9 million barrels last week and are about 2% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 2.1 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 0.5 million barrels last week and are about 16% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 0.1 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels per day, down by 0.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, down by 1.9% from the same period last year. Distillate fuel product supplied averaged 4.3 million barrels per day over the past four weeks, up by 6.0% from the same period last year. Jet fuel product supplied was up 0.3% compared with the same four-week period last year.

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