Crude Inventory Data Shows Surge of 15.2 Million Barrels Last Week

(Updated - December 9, 2020 10:32 AM EST)

• Crude Inventory +15.2M vs -849K Expected
• Cushing -1.36M
• Gasoline +4.22M vs +1.98M Expected
• Distillate +5.22M vs +798K Expected

Summary of Weekly Petroleum Data for the week ending December 4, 2020

U.S. crude oil refinery inputs averaged 14.4 million barrels per day during the week ending December 4, 2020 which was 424,000 barrels per day more than the previous week’s average. Refineries operated at 79.9% of their operable capacity last week. Gasoline production decreased last week, averaging 8.3 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 1.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.6 million barrels per day, 10.7% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 789,000 barrels per day, and distillate fuel imports averaged 279,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.2 million barrels from the previous week. At 503.2 million barrels, U.S. crude oil inventories are about 11% above the five year average for this time of year. Total motor gasoline inventories increased by 4.2 million barrels last week and are about 5% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 5.2 million barrels last week and are about 11% above the five year average for this time of year. Propane/propylene inventories decreased by 4.1 million barrels last week and are about 4% above the five year average for this time of year. Total commercial petroleum inventories increased by 19.9 million barrels last week.

Total products supplied over the last four-week period averaged 18.9 million barrels a day, down by 7.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.0 million barrels a day, down by 12.0% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 2.7% from the same period last year. Jet fuel product supplied was down 34.9% compared with the same four-week period last year.

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