Weekly Crude Data Shows Inventory Declined 2.75 Million Barrels

(Updated - October 12, 2017 11:02 AM EDT)

• Crude Inventory -2.75M Barrels vs -2.04M Expected
• Cushing +1.32M
• Gasoline +2.49M vs -172K
• Distillate -1.48M vs -1.71 Expected

U.S. crude oil refinery inputs averaged over 16.2 million barrels per day during the week ending October 6, 2017, 229,000 barrels per day more than the previous week’s average. Refineries operated at 89.2% of their operable capacity last week. Gasoline production increased last week, averaging over 10 million barrels per day. Distillate fuel production remained virtually unchanged last week, averaging over 4.9 million barrels per day.

U.S. crude oil imports averaged over 7.6 million barrels per day last week, up by 403,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.4 million barrels per day, 6.6% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 860,000 barrels per day. Distillate fuel imports averaged 85,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.8 million barrels from the previous week. At 462.2 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories increased 2.5 million barrels last week, and are in the upper half of the average range. Finished gasoline inventories decreased last week, but blending components inventories increased last week. Distillate fuel inventories decreased by 1.5 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories increased by 0.9 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 over 20.2 million barrels per day, up by 1.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.4 million barrels per day, up by 1.3% from the same period last year. Distillate fuel product supplied averaged over 3.9 million barrels per day over the last four weeks, up by 2.1% from the same period last year. Jet fuel product supplied is up 4.6% compared to the same four-week period last year.

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