Weekly Crude Inventory Data Shows Larger Than Expected Draw

(Updated - June 1, 2017 11:02 AM EDT)

Crude Inventory -6.4M Barrels vs -2.7M Expected

• Cushing -747K vs -545K
• Gasoline -2.86M vs -1.5M
• Distilalte +394 vs -888K

U.S. crude oil refinery inputs averaged over 17.5 million barrels per day during the week ending May 26, 2017, 229,000 barrels per day more than the previous week’s average. Refineries operated at 95.0% of their operable capacity last week. Gasoline production increased last week, averaging over 10.4 million barrels per day. Distillate fuel production increased last week, averaging over 5.2 million barrels per day.

U.S. crude oil imports averaged 8.0 million barrels per day last week, down by 309,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.1 million barrels per day, 6.6% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 703,000 barrels per day. Distillate fuel imports averaged 105,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.4 million barrels from the previous week. At 509.9 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 by 2.9 million barrels last week, but are near the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories increased by 0.4 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories increased by 3.4 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories decreased by 5.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.4 million barrels per day, up by 0.1% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.6 million barrels per day, down by 0.7% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the last four weeks, up by 3.0% from the same period last year. Jet fuel product supplied is up 6.0% compared to the same four-week period last year.

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