Weekly Crude Inventory Data Shows Larger Than Expected Draw

(Updated - June 13, 2018 10:32 AM EDT)

• Crude Inventory -4.14M Barrels vs -1.09M Expected
• Cushing -687K
• Gasoline -2.27M vs +907K Expected
• Distillate -2.1M vs 374K Expected

U.S. crude oil refinery inputs averaged 17.5 million barrels per day during the week ending June 8, 2018, which was 136,000 barrels per day more than the previous week’s average. Refineries operated at 95.7% of their operable capacity last week. Gasoline production increased last week, averaging about 10.5 million barrels per day. Distillate fuel production decreased last week, averaging more than 5.1 million barrels per day.

U.S. crude oil imports averaged about 8.1 million barrels per day last week, down by 247,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 8.1 million barrels per day, 1.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 824,000 barrels per day, and distillate fuel imports averaged 104,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.1 million barrels from the previous week. At 432.4 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year. Total motor gasoline inventories decreased by 2.3 million barrels last week and are in the upper half of the average range. Both finished gasoline and blending components inventories decreased last week. Distillate fuel inventories decreased by 2.1 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories increased by 3.7 million barrels last week and are in the lower half of the average range. Total commercial petroleum inventories decreased by 1.8 million barrels last week. T

otal products supplied over the last four-week period averaged more than 20.4 million barrels per day, up by 1.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged about 9.6 million barrels per day, up by 0.3% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 0.5% from the same period last year. Jet fuel product supplied was up 1.2% compared with the same four-week period last year.

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