Crude Inventory Declined 3.5M Barrels Last Week, Says EIA
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(Updated - April 7, 2021 10:32 AM EDT)
- Crude Inventory -3.5M Barrels vs -1.64M Barrels Expected
- Cushing -735K
- Gasoline +4M vs -748K Expected
- Distillate +1.45M vs +646K Expected
Summary of Weekly Petroleum Data for the week ending April 2, 2021
U.S. crude oil refinery inputs averaged 15.0 million barrels per day during the week ending April 2, 2021 which was 103,000 barrels per day more than the previous week’s average. Refineries operated at 84.0% of their operable capacity last week. Gasoline production decreased last week, averaging 9.3 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, up by 119,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.8 million barrels per day, 5.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.3 million barrels per day, and distillate fuel imports averaged 325,000 barrels per day.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.5 million barrels from the previous week. At 498.3 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Total motor gasoline inventories increased by 4.0 million barrels last week and are about 2% below 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 1.5 million barrels last week and are about 5% above the five year average for this time of year. Propane/propylene inventories increased by 0.3 million barrels last week and are about 18% below the five year average for this time of year. Total commercial petroleum inventories increased by 2.3 million barrels last week.
Total products supplied over the last four-week period averaged 19.3 million barrels a day, up by 5.5% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, up by 14.8% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 0.8% from the same period last year. Jet fuel product supplied was down 11.7% compared with the same four-week period last year.
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