Weekly Crude Inventory Data Shows Larger Than Expected Build

(Updated - April 11, 2018 10:32 AM EDT)

• Crude Inventory +3.3M Barrels vs -1.04M Expected
• Cushing +1.13M
• Gasoline +458K vs -1.09M Expected
• Distillate -1.04M vs +155K Expected

U.S. crude oil refinery inputs averaged over 17.0 million barrels per day during the week ending April 6, 2018, 83,000 barrels per day more than the previous week’s average. Refineries operated at 93.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.3 million barrels per day.

U.S. crude oil imports averaged 8.7 million barrels per day last week, up by 752,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 1.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 655,000 barrels per day. Distillate fuel imports averaged 125,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.3 million barrels from the previous week. At 428.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories increased by 0.5 million barrels last week, but are in the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.0 million barrels last week but are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 0.4 million barrels last week, but are in the lower half of the average range. Total commercial petroleum inventories increased by 6.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.7 million barrels per day, up by 5.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, down by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the last four weeks, down by 3.6% from the same period last year. Jet fuel product supplied is up 4.3% compared to the same four-week period last year.

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