UPDATE: EIA Weekly Crude Inventory Data Shows 6.5M Barrel Build

Crude Inventory +6.47M Barrels vs +2.55M Expected

• Cushing -1.25M vs -59K Expected
• Gasoline +3.87M vs +1.36M Expected
• Distillate +1.57M vs -336K Expected

U.S. crude oil refinery inputs averaged over 15.9 million barrels per day during the week ending January 27, 2017, 100,000 barrels per day less than the previous week’s average. Refineries operated at 88.2% of their operable capacity last week. Gasoline production increased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.7 million barrels per day.

U.S. crude oil imports averaged 8.3 million barrels per day last week, up by 480,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.4 million barrels per day, 5.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 488,000 barrels per day. Distillate fuel imports averaged 236,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.5 million barrels from the previous week. At 494.8 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 3.9 million barrels last week, and are above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 1.6 million barrels last week and are well above the upper limit of the average range for this time of year. Propane/propylene inventories fell 5.6 million barrels last week but are in the upper half of the average range. Total commercial petroleum inventories increased by 5.3 million barrels last week.

Total products supplied over the last four-week period averaged over 19.3 million barrels per day, down by 1.9% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 8.2 million barrels per day, down by 5.7% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the last four weeks, up by 5.0% from the same period last year. Jet fuel product supplied is up 6.3% compared to the same four-week period last year.

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