Crude Inventory Data Shows Build of 597 Thousand Barrels Last Week

• Crude Inventory 597K Barrels Vs -1.04M Expected
• Cushing -409K
• Gasoline -330K vs -1.63M Expected
• Distillate -606K vs -509K Expected

Summary of Weekly Petroleum Data for the week ending April 7, 2023

U.S. crude oil refinery inputs averaged 15.6 million barrels per day during the week ending April 7, 2023 which was 30 thousand barrels per day less than the previous week’s average. Refineries operated at 89.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, decreased by 951,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.2 million barrels per day, 0.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 813,000 barrels per day, and distillate fuel imports averaged 233,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.6 million barrels from the previous week. At 470.5 million barrels, U.S. crude oil inventories are about 3% above the five year average for this time of year. Total motor gasoline inventories decreased by 0.3 million barrels from last week and are about 7% below the five year average for this time of year. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 0.6 million barrels last week and are about 11% below the five year average for this time of year. Propane/propylene inventories increased by 0.5 million barrels from last week and are 30% above the five year average for this time of year. Total commercial petroleum inventories increased by 8.4 million barrels last week.

Total products supplied over the last four-week period averaged 20.0 million barrels a day, up by 0.7% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 5.5% from the same period last year. Distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 1.5% from the same period last year. Jet fuel product supplied was up 1.5% compared with the same fourweek period last year.

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