Weekly Crude Inventory Data Shows Surprise Draw of 4 Million Barrels

(Updated - May 8, 2019 10:32 AM EDT)

• Crude Inventory -3.96M Barrels vs +1.11M Expected
• Cushing +821K
• Gasoline -596K vs -1.14M Expected
• Distillate -159K vs -1.12M Expected

Summary of Weekly Petroleum Data for the week ending May 3, 2019

U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending May 3, 2019, which was 41,000 barrels per day less than the previous week’s average. Refineries operated at 88.9% of their operable capacity last week. Gasoline production increased last week, averaging 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 721,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.8 million barrels per day, 15.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,114,000 barrels per day, and distillate fuel imports averaged 111,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.0 million barrels from the previous week. At 466.6 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories decreased by 0.6 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 0.2 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 1.0 million barrels last week and are about 17% above the five year average for this time of year. Total commercial petroleum inventories decreased last week by 1.7 million barrels last week.

Total products supplied over the last four-week period averaged 20.2 million barrels per day, down by 0.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels per day, up by 0.3% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels per day over the past four weeks, down by 9.7% from the same period last year. Jet fuel product supplied was up 6.7% compared with the same four-week period last year.

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