Crude Inventory Data Shows Build of 1.4 Million Barrels Last Week

(Updated - June 24, 2020 10:31 AM EDT)

• Crude Inventory +1.44M Barrels vs +1.14M Expected
• Cushing -991K
• Gasoline -1.67M vs -1.76M Expected
• Distillate +249K vs -211K Expected

Summary of Weekly Petroleum Data for the week ending June 19, 2020

U.S. crude oil refinery inputs averaged 13.8 million barrels per day during the week ending June 19, 2020 which was 239,000 barrels per day more than the previous week’s average. Refineries operated at 74.6% of their operable capacity last week. Gasoline production increased last week, averaging 8.8 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, down by 102,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 11.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 704,000 barrels per day, and distillate fuel imports averaged 69,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 540.7 million barrels, U.S. crude oil inventories are about 16% above the five year average for this time of year. Total motor gasoline inventories decreased by 1.7 million barrels last week and are about 9% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories increased by 249,000 barrels last week and are about 28% above the five year average for this time of year. Propane/propylene inventories increased by 2.4 million barrels last week and are about 6% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 3.9 million barrels last week.

Total products supplied over the last four-week period averaged 17.1 million barrels a day, down by 17.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.0 million barrels a day, down by 17.5% from the same period last year. Distillate fuel product supplied averaged 3.3 million barrels a day more than the past four weeks, down by 17.4% from the same period last year. Jet fuel product supplied was down 62.5% compared with the same four-week period last year.

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