Crude Inventory Data Shows Draw of 497 Thousand Barrels

(Updated - December 19, 2018 10:32 AM EST)

• Crude Inventory -497K Barrels vs -2.85M Expected
• Cushing +1.09M
• Gasoline +1.77M vs +1.35M Expected
• Distillate -4.24M vs +220K Expected

Summary of Weekly Petroleum Data for the week ending December 14, 2018

U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending December 14, 2018, which was 28,000 barrels per day less than the previous week’s average. Refineries operated at 95.4% of their operable capacity last week. Gasoline production decreased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased last week, averaging 5.4 million barrels per day.

U.S. crude oil imports averaged 7.4 million barrels per day last week, up by 30,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.5 million barrels per day, 1.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 595,000 barrels per day, and distillate fuel imports averaged 139,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 0.5 million barrels from the previous week. At 441.5 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 1.8 million barrels last week and are about 3% 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 4.2 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories decreased by 3.3 million barrels last week and are about 6% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 10.3 million barrels last week.

Total products supplied over the last four-week period averaged 21.2 million barrels per day, up by 4.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels per day, up by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day more than the past four weeks, up by 6.5% from the same period last year. Jet fuel product supplied was down 5.8% compared with the same four-week period last year.

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