EIA Crude Inventory Data Shows Surprise Draw of 5 Million Barrels

(Updated - May 20, 2020 10:32 AM EDT)

• Crude Inventory -4.98M Barrels vs +1.8M Expected
• Cushing -5.6M
• Gasoline +2.83M vs -2.74M Expected
• Distillate +3.83M vs +1.71M Expected

Summary of Weekly Petroleum Data for the week ending May 15, 2020

U.S. crude oil refinery inputs averaged 12.9 million barrels per day during the week ending May 15, 2020 which was 0.5 million barrels per day more than the previous week’s average. Refineries operated at 69.4% of their operable capacity last week. Gasoline production decreased last week, averaging 7.2 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 5.2 million barrels per day last week, down by 194,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.4 million barrels per day, 24.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 526,000 barrels per day, and distillate fuel imports averaged 322,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.0 million barrels from the previous week. At 526.5 million barrels, U.S. crude oil inventories are about 10% above the five year average for this time of year. Total motor gasoline inventories increased by 2.8 million barrels last week and are about 10% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 3.8 million barrels last week and are about 19% above the five year average for this time of year. Propane/propylene inventories increased by 1.1 million barrels last week and are about 14% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 5.0 million barrels last week.

Total products supplied over the last four-week period averaged 16.1 million barrels a day, down by 19.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 6.7 million barrels a day, down by 29.1% from the same period last year. Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 13.8% from the same period last year. Jet fuel product supplied was down 66.9% compared with the same four-week period last year.

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