Weekly Crude Data Shows 2.1M Barrel Decline in Inventories

(Updated - September 19, 2018 10:32 AM EDT)

• Crude Inventory -2.1M Barrels vs -2.62M Expected
• Cushing -1.25M
• Gasoline -1.72M vs +31K Expected
• Distillate +839K vs +656K Expected

Summary of Weekly Petroleum Data for the week ending September 14, 2018

U.S. crude oil refinery inputs averaged 17.4 million barrels per day during the week ending September 14, 2018, which was 442,000 barrels per day less than the previous week’s average. Refineries operated at 95.4% of their operable capacity last week. Gasoline production decreased last week, averaging 10.3 million barrels per day. Distillate fuel production decreased last week, averaging 5.5 million barrels per day.

U.S. crude oil imports averaged 8.0 million barrels per day last week, up by 433,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.7 million barrels per day, 6.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 561,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.1 million barrels from the previous week. At 394.1 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.7 million barrels last week and are about 8% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 0.8 million barrels last week and are about 2% below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels last week and are about 12% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 0.4 million barrels last week.

Total products supplied over the last four-week period averaged 21.4 million barrels per day, up by 4.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, up by 2.0% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.8% from the same period last year. Jet fuel product supplied was up 5.0% compared with the same four-week period last year.

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