Crude Inventory Data Shows 7.5M Barrels Draw, Larger Than Expected

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(Updated - March 29, 2023 10:32 AM EDT)

• Crude Inventory -7.49M Barrels vs 608K Expected
• Cushing -1.63M
• -2.9M vs -2.17M Expected
• Distillate 281K vs -1.84M Expected

Summary of Weekly Petroleum Data for the week ending March 24, 2023

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending March 24, 2023 which was 437 thousand barrels per day more than the previous week’s average. Refineries operated at 90.3% of their operable capacity last week. Gasoline production increased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 5.3 million barrels per day last week, decreased by 847,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 5.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 873,000 barrels per day, and distillate fuel imports averaged 146,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.5 million barrels from the previous week. At 473.7 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year. Total motor gasoline inventories decreased by 2.9 million barrels from last week and are about 4% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories decreased by 2.5 million barrels from last week and are 34% above the five year average for this time of year. Total commercial petroleum inventories decreased by 10.7 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 5.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 0.6% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 10.1% from the same period last year. Jet fuel product supplied was up 7.1% compared with the same four-week period last year.

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