Crude Inventory Increased Nine Million Barrels Last Week, Less Than Expected

(Updated - April 29, 2020 10:32 AM EDT)

• Crude Inventory +8.99M Barrels vs +11.68M Expected
• Cushing +3.64M
• Gasoline -3.67M vs +2.76M Expected
• Distillate +5.09M vs +3.9M Expected

Summary of Weekly Petroleum Data for the week ending April 24, 2020

U.S. crude oil refinery inputs averaged 12.8 million barrels per day during the week ending April 24, 2020 which was 305,000 barrels per day more than the previous week’s average. Refineries operated at 69.6% of their operable capacity last week. Gasoline production increased last week, averaging 6.7 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 5.3 million barrels per day last week, up by 365,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day, 19.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 228,000 barrels per day, and distillate fuel imports averaged 235,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.0 million barrels from the previous week. At 527.6 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year. Total motor gasoline inventories decreased by 3.7 million barrels last week and are about 10% above 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 5.1 million barrels last week and are about 4% above the five year average for this time of year. Propane/propylene inventories decreased by 0.6 million barrels last week and are about 13% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 10.4 million barrels last week.

Total products supplied over the last four-week period averaged 14.5 million barrels a day, down by 28.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 5.3 million barrels a day, down by 43.7% from the same period last year. Distillate fuel product supplied averaged 3.2 million barrels a day over the past four weeks, down by 15.1% from the same period last year. Jet fuel product supplied was down 61.6% compared with the same four-week period last year.

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