Weekly Crude Inventory Declines 2.6 Million Barrels, Data Shows

(Updated - March 21, 2018 10:33 AM EDT)

• Crude Inventory -2.6M Barrels vs +2.5M Expected
• Cushing +905K
• Gasoline -1.69M vs -2.05M Expected
• Distilalte -2M vs -2M Expected

U.S. crude oil refinery inputs averaged about 16.8 million barrels per day during the week ending March 16, 2018, 410,000 barrels per day more than the previous week’s average. Refineries operated at 91.7% of their operable capacity last week. Gasoline production decreased last week, averaging over 9.9 million barrels per day. Distillate fuel production increased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged about 7.1 million barrels per day last week, down by 508,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.5 million barrels per day, 4.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 564,000 barrels per day. Distillate fuel imports averaged 122,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.6 million barrels from the previous week. At 428.3 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 1.7 million barrels last week, but are near the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 2.0 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 2.1 million barrels last week, and are in the lower half of the average range. Total commercial petroleum inventories decreased by 6.9 million barrels last week.

Total products supplied over the last four-week period averaged 20.5 million barrels per day, up by 4.9% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.3 million barrels per day, up by 1.9% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels per day over the last four weeks, down by 4.5% from the same period last year. Jet fuel product supplied is up 4.8% compared to the same four-week period last year.

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