UPDATE: Crude Inventory -2.98M Barrels vs +1.06M Expected

(Updated - October 5, 2016 10:32 AM EDT)

• Crude Inventory -2.98M Barrels vs +1.06M Expected
• Gasoline Inventory +222K vs -99K
• Cushing +596K vs +290K
• Distillate -2.36M vs -1.17M

U.S. crude oil refinery inputs averaged over 16.0 million barrels per day during the week ending September 30, 2016, 302,000 barrels per day less than the previous week’s average. Refineries operated at 88.3% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging over 4.7 million barrels per day.

U.S. crude oil imports averaged over 7.7 million barrels per day last week, down by 125,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.0 million barrels per day, 10.1% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million 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) decreased by 3.0 million barrels from the previous week. At 499.7 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories increased by 0.2 million barrels last week, and are above the upper limit of the average range. Finished gasoline inventories decreased slightly while blending components inventories increased last week. Distillate fuel inventories decreased by 2.4 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories rose 0.7 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories decreased by 11.2 million barrels last week.

Total products supplied over the last four-week period averaged about 19.9 million barrels per day, up by 3.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.3 million barrels per day, up by 3.2% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels per day over the last four weeks, down by 8.9% from the same period last year. Jet fuel product supplied is up 6.2% compared to the same four-week period last year.

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