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Crude Inventory Data Shows Draw of 4.6 Million Barrels Last Week

December 6, 2023 10:30 AM EST
(Updated - December 6, 2023 10:32 AM EST)

  • Crude Inventory -4.63M Barrels vs -774K Expected
  • Cushing 1.83M
  • Gasoline 5.42M vs 1.19M Expected
  • Distillate 1.27M vs 1.07M Expected

Summary of Weekly Petroleum Data for the week ending December 1, 2023

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending December 1, 2023, which was 179 thousand barrels per day more than the previous week’s average. Refineries operated at 90.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 million barrels per day. Distillate fuel production increased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 7.5 million barrels per day last week, increased by 1.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 6.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 689 thousand barrels per day, and distillate fuel imports averaged 82 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 445.0 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories increased by 5.4 million barrels from last week and are about 1% 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 1.3 million barrels last week and are about 13% below the five year average for this time of year. Propane/propylene inventories decreased by 1.8 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories decreased by 1.7 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 2.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, up by 1.1% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, up by 0.5% from the same period last year. Jet fuel product supplied was up 1.8% compared with the same four-week period last year.



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