EIA Data Shows Large Build in Crude and Distillate Inventory

(Updated - January 11, 2017 10:34 AM EST)

Crude Inventory +4.1M Barrels vs +930K Expected

• Cushing -579K vs +623K Expected
• Gasoline +5M vs +2.1M Expected
• Distillate +8.4M vs +1.47M Expected

U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending January 6, 2017, 418,000 barrels per day more than the previous week’s average. Refineries operated at 93.6% of their operable capacity last week. Gasoline production increased last week, averaging about 9.7 million barrels per day. Distillate fuel production remained unchanged last week, averaging over 5.3 million barrels per day.

U.S. crude oil imports averaged about 9.1 million barrels per day last week, up by about 1.9 million barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.2 million barrels per day, 6.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 683,000 barrels per day. Distillate fuel imports averaged 103,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.1 million barrels from the previous week. At 483.1 million barrels, U.S. crude oil inventories are at the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 5.0 million barrels last week, and are at the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 8.4 million barrels last week and are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 4.5 million barrels last week but are in the upper half of the average range. Total commercial petroleum inventories increased by 13.4 million barrels last week.

Total products supplied over the last four-week period averaged over 19.5 million barrels per day, up by 1.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 8.9 million barrels per day, up by 0.7% from the same period last year. Distillate fuel product supplied averaged over 3.6 million barrels per day over the last four weeks, up by 7.5% from the same period last year. Jet fuel product supplied is up 7.1% compared to the same four-week period last year.

You May Also Be Interested In

• Crude Inventory Declined 6.4 Million Barrels Last Week
• Oil rises as dollar slips, focus shifts to economic data
• Futures mostly higher, Tesla pledges "more affordable" EVs - what's moving markets