Weekly Crude Inventory Increases More Than Expected

(Updated - August 19, 2015 10:36 AM EDT)

• Crude Inventory 2.62M Barrels vs -350K Expected
• Cushing inventory 326K vs 477K Expected
• Gasoline inventory -2.7M vs -1.09M Expected
• Distillate inventory 594K vs 1.49M Expected

Summary of Weekly Petroleum Data for the Week Ending August 14, 2015

U.S. crude oil refinery inputs averaged about 16.8 million barrels per day during the week ending August 14, 2015, 254,000 barrels per day less than the previous week’s average. Refineries operated at 95.1% of their operable capacity last week. Gasoline production increased slightly last week, averaging over 10.2 million barrels per day. Distillate fuel production decreased last week, averaging about 5.1 million barrels per day.

U.S. crude oil imports averaged over 8.0 million barrels per day last week, up by 465,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.6 million barrels per day, 0.9% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 869,000 barrels per day. Distillate fuel imports averaged 201,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.6 million barrels from the previous week. At 456.2 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories decreased by 2.7 million barrels last week, and are in the middle of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 0.6 million barrels last week but are in the middle of the average range for this time of year. Propane/propylene inventories rose 1.1 million barrels last week and are well above the upper limit of the average range. Total commercial petroleum inventories increased by 0.8 million barrels last week.

Total products supplied over the last four-week period averaged 20.5 million barrels per day, up by 2.9% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.6 million barrels per day, up by 6.5% from the same period last year. Distillate fuel product supplied averaged over 3.7 million barrels per day over the last four weeks, down by 6.6% from the same period last year. Jet fuel product supplied is up 2.2% compared to the same four-week period last year.

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