UPDATE: Weekly Crude Inventory Increases by 2.3M Barrels, Says EIA

(Updated - January 19, 2017 11:03 AM EST)

Crude Inventory +2.35M Barrels vs +128K Expected

• Cushing -1.27M vs +154K Expected
• Gasoline +5.95M vs +2.08M Expected
• Distillate -968K vs +561K

U.S. crude oil refinery inputs averaged about 16.5 million barrels per day during the week ending January 13, 2017, 639,000 barrels per day less than the previous week’s average. Refineries operated at 90.7% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.0 million barrels per day. Distillate fuel production decreased last week, averaging over 4.7 million barrels per day.

U.S. crude oil imports averaged 8.4 million barrels per day last week, down by 674,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.2 million barrels per day, 4.5% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 588,000 barrels per day. Distillate fuel imports averaged 152,000 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 485.5 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 6.0 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 1.0 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 7.4 million barrels last week but are in the upper half of the average range. Total commercial petroleum inventories decreased by 2.0 million barrels last week.

Total products supplied over the last four-week period averaged over 19.3 million barrels per day, up by 0.1% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 8.6 million barrels per day, down by 2.4% from the same period last year. Distillate fuel product supplied averaged over 3.5 million barrels per day over the last four weeks, up by 6.6% from the same period last year. Jet fuel product supplied is up 8.5% compared to the same four-week period last year.

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