Crude Inventory Plunged 7.3 Million Barrels Last Week, EIA Data Shows

(Updated - February 18, 2021 11:02 AM EST)

• Crude Inventory -7.3M Barrels vs -2.43M Expected
• Cushing -3M
• Gasoline +672K vs +1.32M Expected
• Distillate -3.4M vs -1.7M Expected

Summary of Weekly Petroleum Data for the week ending February 12, 2021

U.S. crude oil refinery inputs averaged 14.8 million barrels per day during the week ending February 12, 2021 which was 27,000 barrels per day more than the previous week’s average. Refineries operated at 83.1% of their operable capacity last week. Gasoline production increased last week, averaging 9.0 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 5.9 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 5.8 million barrels per day, 13.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 670,000 barrels per day, and distillate fuel imports averaged 362,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.3 million barrels from the previous week. At 461.8 million barrels, U.S. crude oil inventories are at the five year average for this time of year. Total motor gasoline inventories increased by 0.7 million barrels last week and are about 1% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 3.4 million barrels last week and are about 6% above the five year average for this time of year. Propane/propylene inventories decreased by 2.9 million barrels last week and are about 9% below the five year average for this time of year. Total commercial petroleum inventories decreased by 15.1 million barrels last week.

Total products supplied over the last four-week period averaged 19.8 million barrels a day, down by 2.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.0 million barrels a day, down by 9.9% from the same period last year. Distillate fuel product supplied averaged 4.3 million barrels a day over the past four weeks, up by 10.2% from the same period last year. Jet fuel product supplied was down 30.5% compared with the same four-week period last year.

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