Weekly Crude Inventory Data Shows Draw of 1.66M Barrels

(Updated - June 14, 2017 10:33 AM EDT)

Crude Inventory -1.66M Barrels vs -2.3M Expected

• Cushing -1.16M vs -1.07M
• Gasoline +2.1M vs -838K
• Distillate +328 vs +375K

U.S. crude oil refinery inputs averaged about 17.3 million barrels per day during the week ending June 9, 2017, 29,000 barrels per day more than the previous week’s average. Refineries operated at 94.4% of their operable capacity last week. Gasoline production decreased last week, averaging over 9.8 million barrels per day. Distillate fuel production decreased last week, averaging about 5.2 million barrels per day.

U.S. crude oil imports averaged over 8.0 million barrels per day last week, down by 316,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 8.2 million barrels per day, 7.1% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 574,000 barrels per day. Distillate fuel imports averaged 61,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.7 million barrels from the previous week. At 511.5 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 increased by 2.1 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories increased by 2.4 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories increased by 6.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels per day, down by 1.2% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.5 million barrels per day, down by 1.2% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, up by 4.1% from the same period last year. Jet fuel product supplied is up 2.7% compared to the same four-week period last year

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