Crude Inventory Fell 1.6 Million Barrels Last Week, Says EIA

• Crude Inventory -1.63M vs -213K Barrels Expected
• Cushing -1.95M
• Gasoline 69K vs 1.14M Expected
• Distillate 125K vs 994K Expected

Summary of Weekly Petroleum Data for the week ending September 13, 2024

U.S. crude oil refinery inputs averaged 16.5 million barrels per day during the week ending September 13, 2024, which was 283 thousand barrels per day less than the previous week’s average. Refineries operated at 92.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 5.1 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, decreased by 545 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 7.1% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 467 thousand barrels per day, and distillate fuel imports averaged 138 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.6 million barrels from the previous week. At 417.5 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time of year. Total motor gasoline inventories increased by 0.1 million barrels from last week and are slightly below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories increased by 0.1 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories increased by 2.3 million barrels from last week and are 11% above the five year average for this time of year. Total commercial petroleum inventories increased by 3.4 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels a day, down by 2.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, up by 1.1% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels a day over the past four weeks, down by 0.9% from the same period last year. Jet fuel product supplied was down 1.4% compared with the same four-week period last year.

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