Crude Inventory Increased 10.2 Million Barrels Last Week, Says EIA

• Crude Inventory 10.18M Barrels vs -432K Expected
• Cushing -319K
• Gasoline -1.31M vs -128K Expected
• Distillate -1.84M vs -711K Expected

Summary of Weekly Petroleum Data for the week ending October 6, 2023

U.S. crude oil refinery inputs averaged 15.2 million barrels per day during the week ending October 6, 2023, which was 399 thousand barrels per day less than the previous week’s average. Refineries operated at 85.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.7 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, increased by 115 thousand barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.6 million barrels per day, 3.5% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 589 thousand barrels per day, and distillate fuel imports averaged 120 thousand barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.2 million barrels from the previous week. At 424.2 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.3 million barrels from last week and are about 1% above the five year average for this time of year. Both Finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 1.8 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels from last week and are 18% above the five year average for this time of year. Total commercial petroleum inventories increased by 6.3 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, up by 0.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.4 million barrels a day, down by 3.6% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, down by 2.7% from the same period last year. Jet fuel product supplied was up 5.1% compared with the same four-week period last year.

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