Crude Inventory Data Shows Spike of 19.2 Million Barrels Last Week

(Updated - April 15, 2020 10:34 AM EDT)

• Crude +19.2M vs +12M Barrels Expected
• Cushing +5.7M
• Gasoline +4.91M vs +7.3M Barrels Expected
• Distillate +6.28M vs +2.03M Expected

Summary of Weekly Petroleum Data for the week ending April 10, 2020

U.S. crude oil refinery inputs averaged 12.7 million barrels per day during the week ending April 10, 2020 which was 1.0 million barrels per day less than the previous week’s average. Refineries operated at 69.1% of their operable capacity last week. Gasoline production increased last week, averaging 5.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 5.7 million barrels per day last week, down by 194 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.9 million barrels per day, 8.4% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 402 thousand barrels per day, and distillate fuel imports averaged 313 thousand barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 19.2 million barrels from the previous week. At 503.6 million barrels, U.S. crude oil inventories are about 6% above the five year average for this time of year. Total motor gasoline inventories increased by 4.9 million barrels last week and are about 12% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 6.3 million barrels last week and are about 7% below the five year average for this time of year. Propane/propylene inventories decreased by 2.2 million barrels last week and are about 18% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 27.2 million barrels last week.

Total products supplied over the last four-week period averaged 16.4 million barrels a day, down by 18.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 6.4 million barrels a day, down by 31.6% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 8.0% from the same period last year. Jet fuel product supplied was down 39.7% compared with the same four-week period last year.

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