Crude Inventory Climbed 7.9 Million Barrels Last Week, Says EIA

• Crude Inventory 7.92M Barrels vs -1.1M Expected
• Cushing 1.55M
• Gasoline 2.11M vs 1.02M Expected
• Distillate 2.12M vs 2.02M Expected

Summary of Weekly Petroleum Data for the week ending June 9, 2023

U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending June 9, 2023, which was 60 thousand barrels per day less than the previous week’s average. Refineries operated at 93.7% 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 5.0 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 19 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, almost unchanged from the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1,054 thousand barrels per day, and distillate fuel imports averaged 136 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.9 million barrels from the previous week. At 467.1 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories increased by 2.1 million barrels from last week and are about 7% below the five year average for this time of year. Both finished gasoline and blending components inventories increased last week. Distillate fuel inventories increased by 2.1 million barrels last week and are about 14% below the five year average for this time of year. Propane/propylene inventories increased 3.1 million barrels from last week and are 30% above the five year average for this time of year. Total commercial petroleum inventories increased by 12.1 million barrels last week.

Total products supplied over the last four-week period averaged 19.9 million barrels a day, up by 0.8% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels a day, up by 2.4% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, up by 0.8% from the same period last year. Jet fuel product supplied was down 0.7% compared with the same four-week period last year.

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