Crude Inventory Data Shows Draw of 4.7M Barrels Last Week

(Updated - December 22, 2021 10:32 AM EST)

• Crude Inventory -4.72M Barrels vs -2.98M Expected
• Cushing +1.46M
• Gasoline +5.53M vs -108K Expected
• Distillate +396K vs -678K Expected

Summary of Weekly Petroleum Data for the week ending December 17, 2021

U.S. crude oil refinery inputs averaged 15.8 million barrels per day during the week ending December 17, 2021 which was 148,000 barrels per day more than the previous week’s average. Refineries operated at 89.6% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production increased last week, averaging 4.9 million barrels per day.

U.S. crude oil imports averaged 6.2 million barrels per day last week, down by 277,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.4 million barrels per day, 12.7% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 688,000 barrels per day, and distillate fuel imports averaged 203,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.7 million barrels from the previous week. At 423.6 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year. Total motor gasoline inventories increased by 5.5 million barrels last week and are about 4% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 0.4 million barrels last week and are about 8% below the five year average for this time of year. Propane/propylene inventories decreased by 0.8 million barrels last week and are about 8% below the five year average for this time of year. Total commercial petroleum inventories decreased by 7.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.9 million barrels a day, up by 11.0% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.1 million barrels a day, up by 14.7% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 7.5% from the same period last year. Jet fuel product supplied was up 25.6% compared with the same fourweek period last year.

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