Crude Inventories Decline 800 Thousand Barrels: EIA

(Updated - August 28, 2024 10:32 AM EDT)

• Crude Inventories -846K Barrels vs -2.52M Expected
• Cushing -668K Expected
• Gasoline -2.2M vs -1.93M Expected
• Distillate 275K vs -780K Expected

Summary of Weekly Petroleum Data for the week ending August 23, 2024

U.S. crude oil refinery inputs averaged 16.9 million barrels per day during the week ending August 23, 2024, which was 175 thousand barrels per day more than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.6 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 6.6 million barrels per day last week, decreased by 92 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 6.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 867 thousand barrels per day, and distillate fuel imports averaged 220 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.8 million barrels from the previous week. At 425.2 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.2 million barrels from last week and are about 3% below the five year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are about 10% below the five year average for this time of year. Propane/propylene inventories increased by 1.0 million barrels from last week and are 12% above the five year average for this time of year. Total commercial petroleum inventories decreased by 3.1 million barrels last week.

Total products supplied over the last four-week period averaged 20.6 million barrels a day, down by 2.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 1.1% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 3.6% from the same period last year. Jet fuel product supplied was up 2.6% compared with the same four-week period last year.

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