Crude Inventory Declined 6.4 Million Barrels Last Week

• Crude Inventory -6.37M Barrels vs 1.31M Expected
• Cushing -659K
• Gasoline -634K vs -1.72M Expected
• Distillate 1.61M vs -1.82M Expected

Summary of Weekly Petroleum Data for the week ending April 19, 2024

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending April 19, 2024, which was 42 thousand barrels per day less than the previous week’s average. Refineries operated at 88.5% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 36 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, slightly more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 780 thousand barrels per day, and distillate fuel imports averaged 138 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.4 million barrels from the previous week. At 453.6 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 0.6 million barrels from last week and are about 4% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 1.6 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories increased by 1.0 million barrels from last week and are 14% above the five year average for this time of year. Total commercial petroleum inventories decreased by 3.8 million barrels last week.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, up by 0.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 3.7% from the same period last year. Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 11.6% from the same period last year. Jet fuel product supplied was up 2.4% compared with the same four-week period last year.

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