Crude Inventory Falls 5.6M Barrels, Gasoline Up 6.78M Barrels, Says EIA

(Updated - December 6, 2017 10:32 AM EST)

• Crude Inventory -5.6M Barrels vs -2.86M Expected
• Cushing -2.75M
• Gasoline +6.78M vs +1.98M Expected
• Distillate +1.67M vs +1M Expected

U.S. crude oil refinery inputs averaged 17.2 million barrels per day during the week ending December 1, 2017, 192,000 barrels per day more than the previous week’s average. Refineries operated at 93.8% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.8 million barrels per day. Distillate fuel production increased last week, averaging 5.4 million barrels per day.

U.S. crude oil imports averaged 7.2 million barrels per day last week, down by 127,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.6 million barrels per day, 4.9% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 488,000 barrels per day. Distillate fuel imports averaged 145,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.6 million barrels from the previous week. At 448.1 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories increased by 6.8 million barrels last week, and are in the middle of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 1.7 million barrels last week but are in the lower half of the average range for this time of year. Propane/propylene inventories increased by 1.3 million barrels last week, and are in the middle of the average range. Total commercial petroleum inventories decreased by 2.5 million barrels last week.

Total products supplied over the last four-week period averaged about 19.7 million barrels per day, up by 0.5% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.1 million barrels per day, up by 0.5% from the same period last year. Distillate fuel product supplied averaged over 3.9 million barrels per day over the last four weeks, up by 0.6% from the same period last year. Jet fuel product supplied is up 3.6% compared to the same four-week period last year.

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