Weekly EIA Crude Data Shows Surprise Build

(Updated - December 21, 2016 10:33 AM EST)

• Crude Inventory +2.26M Barrels vs -2.43M Expected
• Cushing -245K vs +952K Expected
• Gasoline -1.3M vs +1M Expected
• Distillate -2.42M vs -1M Expected

U.S. crude oil refinery inputs averaged about 16.7 million barrels per day during the week ending December 16, 2016, 184,000 barrels per day more than the previous week’s average. Refineries operated at 91.5% of their operable capacity last week. Gasoline production increased last week, averaging just about 10.2 million barrels per day. Distillate fuel production increased last week, averaging over 5.1 million barrels per day.

U.S. crude oil imports averaged about 8.5 million barrels per day last week, up by over 1.1 million barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 0.9% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 447,000 barrels per day. Distillate fuel imports averaged 211,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.3 million barrels from the previous week. At 485.4 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 decreased by 1.3 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased 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 fell 3.1 million barrels last week but are in the upper half of the average range. Total commercial petroleum inventories decreased by 11.9 million barrels last week.

Total products supplied over the last four-week period averaged 19.8 million barrels per day, down by 1.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, down by 3.0% from the same period last year. Distillate fuel product supplied averaged over 4.0 million barrels per day over the last four weeks, up by 11.7% from the same period last year. Jet fuel product supplied is up 0.5% compared to the same four-week period last year.

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