Crude Inventory Declined 2.8M Barrels Last Week, Says EIA

(Updated - June 29, 2022 10:37 AM EDT)

• Crude Inventory -2.76M Barrels vs -136K Expected
• Cushing -782k
• Gasoline +2.65M vs -481K Expected
• Distillate +2.56M vs -426K Expected

Summary of Weekly Petroleum Data for the week ending June 24, 2022

U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending June 24, 2022 which was 403,000 barrels per day more than the previous week’s average. Refineries operated at 95.0% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, decreased by 0.2 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 5.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 824,000 barrels per day, and distillate fuel imports averaged 97,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.8 million barrels from the previous week. At 415.6 million barrels, U.S. crude oil inventories are about 13% below the five year average for this time of year. Total motor gasoline inventories increased by 2.6 million barrels last week and are about 8% below the five year average for this time of year. Finished gasoline inventories decreased and blending components inventories increased last week. Distillate fuel inventories increased by 2.6 million barrels last week and are about 20% below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels last week and are about 16% below the five year average for this time of year. Total commercial petroleum inventories increased by 6.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, down by 0.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 2.0% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 7.4% from the same period last year. Jet fuel product supplied was up 17.1% compared with the same four-week period last year.

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