UPDATE: EIA Weekly Crude Inventory Data Shows Smaller Than Expected Decline

Crude Inventory -1.75M Barrels vs -2.47M Expected

• Cushing +35K vs -399K
• Gasoline -413K vs -924K
• Distillate -1.94M vs -1.54M

U.S. crude oil refinery inputs averaged over 17.1 million barrels per day during the week ending May 12, 2017, 363,000 barrels per day more than the previous week’s average. Refineries operated at 93.4% of their operable capacity last week. Gasoline production decreased last week, averaging over 10.0 million barrels per day. Distillate fuel production increased last week, averaging over 5.0 million barrels per day.

U.S. crude oil imports averaged 8.6 million barrels per day last week, up by 970,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.3 million barrels per day, 9.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 696,000 barrels per day. Distillate fuel imports averaged 161,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.8 million barrels from the previous week. At 520.8 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories decreased by 0.4 million barrels last week, but are above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.9 million barrels last week but are in the upper half of the average range for this time of year. Propane/propylene inventories increased by 0.6 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories increased by 4.3 million barrels last week.

Total products supplied over the last four-week period averaged about 19.8 million barrels per day, down by 2.2% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, down by 2.6% from the same period last year. Distillate fuel product supplied averaged about 4.1 million barrels per day over the last four weeks, down by 0.8% from the same period last year. Jet fuel product supplied is up 6.1% compared to the same four-week period last year.

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