UPDATE: Weekly Crude Inventory Data Shows Larger Than Expected Build

Crude Inventory +1.57M Barrels vs -70K Expected

• Cushing +1.41M vs +12.5K
• Gasoline -618K vs -1.54M
• Distillate -536K vs -795K

U.S. crude oil refinery inputs averaged over 16.4 million barrels per day during the week ending March 31, 2017, 203,000 barrels per day more than the previous week’s average. Refineries operated at 90.8% of their operable capacity last week. Gasoline production decreased last week, averaging over 9.5 million barrels per day. Distillate fuel production increased last week, averaging about 5.0 million barrels per day.

U.S. crude oil imports averaged about 7.9 million barrels per day last week, down by 374,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.9 million barrels per day, 2.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 607,000 barrels per day. Distillate fuel imports averaged 131,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.6 million barrels from the previous week. At 535.5 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 0.6 million barrels last week, but are in the upper half of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 0.5 million barrels last week but are in the upper half of the average range for this time of year. Propane/propylene inventories fell 1.2 million barrels last week and are in the lower half of the average range. Total commercial petroleum inventories increased by 1.0 million barrels last week.

Total products supplied over the last four-week period averaged 19.6 million barrels per day, up by 0.4% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.3 million barrels per day, down by 0.6% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the last four weeks, up by 13.9% from the same period last year. Jet fuel product supplied is up 14.9% compared to the same four-week period last year.

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