UPDATE: EIA Data Shows 4.58M Build in Crude Inventory

• Crude Inventory +4.58M Barrels vs +3.67M Expected
• Cushing +797K
• Gasoline -3.2M vs -6M Expected
• Distilalte -1.4M vs-3M Expected

U.S. crude oil refinery inputs averaged 14.5 million barrels per day during the week ending September 1, 2017, about 3.3 million barrels per day less than the previous week’s average. Refineries operated at 79.7% of their operable capacity last week. Gasoline production decreased last week, averaging over 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 7.1 million barrels per day last week, down by 822,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.0 million barrels per day, 2.8% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 475,000 barrels per day. Distillate fuel imports averaged 110,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.6 million barrels from the previous week. At 462.4 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories decreased 3.2 million barrels last week, but are near the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.4 million barrels last week but are in the upper half of the average range for this time of year. Propane/propylene inventories increased by 6.3 million barrels last week and are in the middle of the average range. Total commercial petroleum inventories increased by 7.0 million barrels last week.

Total products supplied over the last four-week period averaged about 20.8 million barrels per day, up by 0.2% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.5 million barrels per day, down by 1.0% from the same period last year. Distillate fuel product supplied averaged about 4.1 million barrels per day over the last four weeks, up by 9.9% from the same period last year. Jet fuel product supplied is up 1.7% compared to the same four-week period last year.

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