Crude Inventory Declined 200 Thousand Barrels Last Week, Say EIA

(Updated - September 28, 2022 10:32 AM EDT)

• Crude Inventory -215K Barrels vs 1.2M Expected
• Cushing 692K
• Gasoline -2.4M vs 323K Expected
• Distillate -2.89M vs 212K Expected

Summary of Weekly Petroleum Data for the week ending September 23, 2022

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending September 23, 2022 which was 604,000 barrels per day less than the previous week’s average. Refineries operated at 90.6% 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 5.0 million barrels per day.

U.S. crude oil imports averaged 6.4 million barrels per day last week, decreased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.5 million barrels per day, 5.6% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 525,000 barrels per day, and distillate fuel imports averaged 94,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.2 million barrels from the previous week. At 430.6 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.4 million barrels from last week and are about 6% below the five year average for this time of year. Finished gasoline inventories increased, but blending components inventories decreased last week. Distillate fuel inventories decreased by 2.9 million barrels last week and are about 20% below the five year average for this time of year. Propane/propylene inventories increased by increased by 1.6 million barrels from last week and are about 2% below the five year average for this time of year. Total commercial petroleum inventories decreased by 8.9 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels a day, down by 3.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.6 million barrels a day, down by 6.6% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 9.7% from the same period last year. Jet fuel product supplied was up 2.6% compared with the same four-week period last year.

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