Crude Inventory Data Shows Draw of 1.6M Barrels

(Updated - September 23, 2020 10:32 AM EDT)

• Crude Inventory -1.64M Barrels vs -2.47M Expected
• Cushing +4K
• Gasoline -4.03M vs -749K Expected
• Distillate -3.36M vs +1.08M Expected

Summary of Weekly Petroleum Data for the week ending September 18, 2020

U.S. crude oil refinery inputs averaged 13.4 million barrels per day during the week ending September 18, 2020 which was 119,000 barrels per day less than the previous week’s average. Refineries operated at 74.8% of their operable capacity last week. Gasoline production increased last week, averaging 9.3 million barrels per day. Distillate fuel production increased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 5.2 million barrels per day last week, up by 160,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.1 million barrels per day, 24.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 474,000 barrels per day, and distillate fuel imports averaged 136,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.6 million barrels from the previous week. At 494.4 million barrels, U.S. crude oil inventories are about 13% above the five year average for this time of year. Total motor gasoline inventories decreased by 4.0 million barrels last week and are about 1% above 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 3.4 million barrels last week and are about 21% above the five year average for this time of year. Propane/propylene inventories increased by 1.7 million barrels last week and are about 12% above the five year average for this time of year. Total commercial petroleum inventories decreased by 7.5 million barrels, last week.

Total products supplied over the last four-week period averaged 17.8 million barrels a day, down by 15.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 9.0% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 8.2% from the same period last year. Jet fuel product supplied was down 45.8% compared with the same four-week period last year.

You May Also Be Interested In

• Crude Inventory Fell 6.1 Million Barrels Last Week, Says EIA
• J.P. Morgan cuts second-half 2026 Brent oil price forecast
• Oil prices finish 1% lower as investors focus on Hormuz flows after peace talks