Crude Inventory Declined 1.9M Barrels Last Week, Say EIA

(Updated - March 9, 2022 10:30 AM EST)

• Crude Inventory -1.86M Barrels vs -843K Expected
• Cushing -585K
• Gasoline -1.4M vs -1.58M Expected
• Distillate -5.23M vs -1.36M Expected

Summary of Weekly Petroleum Data for the week ending March 4, 2022

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending March 4, 2022 which was 21,000 barrels per day less than the previous week’s average. Refineries operated at 89.3% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 0.6 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 10.1% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 760,000 barrels per day, and distillate fuel imports averaged 274,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.9 million barrels from the previous week. At 411.6 million barrels, U.S. crude oil inventories are about 13% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.4 million barrels last week and are about 1% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 5.2 million barrels last week and are about 18% below the five year average for this time of year. Propane/propylene inventories decreased by 1.6 million barrels last week and are about 21% below the five year average for this time of year. Total commercial petroleum inventories decreased by 8.1 million barrels last week.

Total products supplied over the last four-week period averaged 21.6 million barrels a day, up by 12.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, up by 7.5% from the same period last year. Distillate fuel product supplied averaged 4.4 million barrels a day over the past four weeks, up by 5.6% from the same period last year. Jet fuel product supplied was up 35.4% compared with the same fourweek period last year.

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