Crude Inventory Increased 2.4M Barrels Last Week, Says EIA

(Updated - April 6, 2022 10:31 AM EDT)

• Crude Inventory +2.4M Barrels vs -2.18M Expected
• Cushing +1.65M
• Gasoline -2.04M vs -202K Expected
• Distillate +711K vs -598K Expected

Summary of Weekly Petroleum Data for the week ending April 1, 2022

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending April 1, 2022 which was 35,000 barrels per day more than the previous week’s average. Refineries operated at 92.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.1 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 41,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 8.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 484,000 barrels per day, and distillate fuel imports averaged 88,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.4 million barrels from the previous week. At 412.4 million barrels, U.S. crude oil inventories are about 14% below the five year average for this time of year. Total motor gasoline inventories decreased by 2.0 million barrels last week and are about 1% 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 0.8 million barrels last week and are about 15% below the five year average for this time of year. Propane/propylene inventories increased by 0.7 million barrels last week and are about 21% below the five year average for this time of year. Total commercial petroleum inventories increased by 5.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.4 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, down by 0.3% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 1.8% from the same period last year. Jet fuel product supplied was up 28.9% compared with the same fourweek period last year

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