UPDATE: EIA Crude Inventory Data Shows Sharp Decline

(Updated - August 26, 2015 10:34 AM EDT)

• Crude Inventory -5.45M Barrels vs +986K Expected
• Cushing Inventory +256K vs +600K Expected
• Gasoline Inventory +1.66M vs -668K Expected
• Distillate Inventory +1.44M vs +1.28M Expected

Summary of Weekly Petroleum Data for the Week Ending August 21, 2015

U.S. crude oil refinery inputs averaged about 16.7 million barrels per day during the week ending August 21, 2015, 117,000 barrels per day less than the previous week’s average. Refineries operated at 94.5% of their operable capacity last week. Gasoline production decreased slightly last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 7.2 million barrels per day last week, down by 839,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.5 million barrels per day, 1.7% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 630,000 barrels per day. Distillate fuel imports averaged 123,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.5 million barrels from the previous week. At 450.8 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 increased by 1.7 million barrels last week, but are in the middle of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 1.4 million barrels last week but are in the middle of the average range for this time of year. Propane/propylene inventories rose 1.9 million barrels last week and are well above the upper limit of the average range. Total commercial petroleum inventories increased by 2.9 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels per day, up by 2.4% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.6 million barrels per day, up by 5.8% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the last four weeks, down by 5.7% from the same period last year.

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