Weekly Crude Inventory Data Shows Surprise Decline of 237K Barrels

(Updated - March 15, 2017 10:34 AM EDT)

• Crude Inventory -237K Barrels vs +3.25M Expected
• Cushing +2.13M vs +549K
• Gasoline -3.06M vs -1.67M Expected
• Distillate -4.23M vs -1.24M Expected

U.S. crude oil refinery inputs averaged about 15.5 million barrels per day during the week ending March 10, 2017, 20,000 barrels per day less than the previous week’s average. Refineries operated at 85.1% of their operable capacity last week. Gasoline production decreased last week, averaging over 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 7.4 million barrels per day last week, down by 745,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.6 million barrels per day, 4.4% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 572,000 barrels per day. Distillate fuel imports averaged 79,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.2 million barrels from the previous week. At 528.2 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 3.1 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 4.2 million barrels last week but are near the upper limit of the average range for this time of year. Propane/propylene inventories fell 0.8 million barrels last week but are in the middle of the average range. Total commercial petroleum inventories decreased by 7.8 million barrels last week.

Total products supplied over the last four-week period averaged 19.8 million barrels per day, up by 0.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.0 million barrels per day, down by 4.5% from the same period last year. Distillate fuel product supplied averaged about 4.2 million barrels per day over the last four weeks, up by 13.4% from the same period last yea

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