UPDATE: Crude Inventory -1.1M Barrels vs -1M Expected

(Updated - January 24, 2018 10:31 AM EST)

• Crude Inventory -1.1M Barrels vs -1M Expected
• Cushing -3.15M
• Gasoline Inventory +3.1M Barrels vs +1.59M Expected
• Distillate Inventory 639K vs -17K Expected

U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending January 19, 2018, 392,000 barrels per day less than the previous week’s average. Refineries operated at 90.9% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.4 million barrels per day. Distillate fuel production decreased last week, averaging over 4.8 million barrels per day.

U.S. crude oil imports averaged over 8.0 million barrels per day last week, up by 91,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 2.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 575,000 barrels per day. Distillate fuel imports averaged 251,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.1 million barrels from the previous week. At 411.6 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Total motor gasoline inventories increased by 3.1 million barrels last week, and are in the middle of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.6 million barrels last week but are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 4.0 million barrels last week, and are in the lower half of the average range. Total commercial petroleum inventories decreased by 2.9 million barrels last week.

Total products supplied over the last four-week period averaged 20.5 million barrels per day, up by 8.1% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 8.7 million barrels per day, up by 5.4% from the same period last year. Distillate fuel product supplied averaged about 4.0 million barrels per day over the last four weeks, up by 15.3% from the same period last year. Jet fuel product supplied is up 10.1% compared to the same four-week period last year.

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