Weekly Crude Inventory Data Shows Draw of 1.1 Million Barrels

(Updated - April 18, 2018 10:33 AM EDT)

• Crude Inventory -1.07M Barrels vs +393K Expected
• Cushing -1.1M
• Gasoline -2.97M vs -103K Expected
• Distillate -3.1M vs -85K Expected

U.S. crude oil refinery inputs averaged over 16.9 million barrels per day during the week ending April 13, 2018, 70,000 barrels per day less than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.2 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged over 7.9 million barrels per day last week, down by 720,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 8.2 million barrels per day, 2.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 705,000 barrels per day. Distillate fuel imports averaged 103,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.1 million barrels from the previous week. At 427.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories decreased by 3.0 million barrels last week, but are in the upper half of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 3.1 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories remained unchanged last week, and are in the lower half of the average range.

Total commercial petroleum inventories decreased by 10.6 million barrels last week. Total products supplied over the last four-week period averaged over 20.8 million barrels per day, up by 5.7% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 0.7% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the last four weeks, down by 2.0% from the same period last year. Jet fuel product supplied is up 5.3% compared to the same four-week period last year.

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