Crude Inventory Declined 2.6 Million Barrels Last Week, Says EIA

(Updated - March 2, 2022 10:34 AM EST)

• Crude Inventory -2.6M Barrels vs +2.29M Expected
• Cushing -972K
• Gasoline -468K vs -1.3M Expected
• Distillate -574K vs -1.7M Expected

Summary of Weekly Petroleum Data for the week ending February 25, 2022

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 25, 2022 which was 153,000 barrels per day more than the previous week’s average. Refineries operated at 87.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 5.8 million barrels per day last week, decreased by 1.1 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 9.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 603,000 barrels per day, and distillate fuel imports averaged 403,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.6 million barrels from the previous week. At 413.4 million barrels, U.S. crude oil inventories are about 12% below the five year average for this time of year. Total motor gasoline inventories decreased by 0.5 million barrels last week and are about 1% below 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 0.6 million barrels last week and are about 16% below the five year average for this time of year. Propane/propylene inventories decreased by 0.8 million barrels last week and are about 20% below the five year average for this time of year. Total commercial petroleum inventories decreased by 3.9 million barrels last week.

Total products supplied over the last four-week period averaged 21.7 million barrels a day, up by 11.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels a day, up by 11.0% from the same period last year. Distillate fuel product supplied averaged 4.3 million barrels a day over the past four weeks, up by 5.0% from the same period last year. Jet fuel product supplied was up 24.5% compared with the same fourweek period last year.

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