UPDATE: Weekly EIA Crude Inventory Data Shows Surprise Draw

(Updated - November 23, 2016 10:33 AM EST)

Crude Inventory -1.26M Barrels vs +290K Expected

• Cushing -87K vs +279K
• Gasoline +2.32M vs +726K
• Distillate +327K vs -163K

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending November 18, 2016, 271,000 barrels per day more than the previous week’s average. Refineries operated at 90.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged about 7.6 million barrels per day last week, down by 845,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.1 million barrels per day, 13.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 855,000 barrels per day. Distillate fuel imports averaged 136,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.3 million barrels from the previous week. At 489.0 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 2.3 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.8 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories decreased by 0.1 million barrels last week.

Total products supplied over the last four-week period averaged about 19.9 million barrels per day, up by 1.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, up by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, up by 1.9% from the same period last year. Jet fuel product supplied is up 10.2% compared to the same four-week period last year.

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