Crude Inventory Data Shows Surprise Draw of 8 Million Barrels Last Week

November 4, 2020 10:30 AM EST

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

(Updated - November 4, 2020 10:32 AM EST)

  • Crude Inventory -8M Barrels vs +582K Expected
  • Cushing +936K
  • Gasoline +1.54M vs -404K expected
  • Distillate -1.58M vs -2.79M Expected

Summary of Weekly Petroleum Data for the week ending October 30, 2020

U.S. crude oil refinery inputs averaged 13.6 million barrels per day during the week ending October 30, 2020 which was 163,000 barrels per day more than the previous week’s average. Refineries operated at 75.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day.

U.S. crude oil imports averaged 5.0 million barrels per day last week, decreased by 0.6 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.3 million barrels per day, 15.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 630,000 barrels per day, and distillate fuel imports averaged 332,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.0 million barrels from the previous week. At 484.4 million barrels, U.S. crude oil inventories are about 7% above the five year average for this time of year. Total motor gasoline inventories increased by 1.5 million barrels last week and are about 4% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 1.6 million barrels last week and are about 18% above the five year average for this time of year. Propane/propylene inventories decreased by 2.6 million barrels last week and are about 8% above the five year average for this time of year. Total commercial petroleum inventories decreased by 14.7 million barrels last week.

Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 10.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 10.9% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 7.3% from the same period last year. Jet fuel product supplied was down 44.6% compared with the same four-week period last year.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Commodities, ETFs, Economic Data

Related Entities

Crude Oil