Crude Inventory Data Shows Larger Than Expected Decline of 6.02M Barrels

(Updated - October 4, 2017 10:33 AM EDT)

• Crude Inventory -6.02M Barrels vs -466K Expected
• Cushing +1.53M
• Gasoline +1.64M vs +1.04M Expected
• Distillate -2.6M vs -1.27

U.S. crude oil refinery inputs averaged over 16.0 million barrels per day during the week ending September 29, 2017, 145,000 barrels per day less than the previous week’s average. Refineries operated at 88.1% of their operable capacity last week. Gasoline production remained virtually unchanged last week, averaging about 9.9 million barrels per day. Distillate fuel production increased last week, averaging over 4.9 million barrels per day.

U.S. crude oil imports averaged over 7.2 million barrels per day last week, down by 213,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.1 million barrels per day, 10.7% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 862,000 barrels per day. Distillate fuel imports averaged 72,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.0 million barrels from the previous week. At 465.0 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories increased 1.6 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 2.6 million barrels last week and are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 0.4 million barrels last week and are in the lower half of the average range. Total commercial petroleum inventories decreased by 6.1 million barrels last week.

Total products supplied over the last four-week period averaged over 20.2 million barrels per day, up by 1.9% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.5 million barrels per day, up by 1.3% from the same period last year. Distillate fuel product supplied averaged over 4.0 million barrels per day over the last four weeks, up by 12.0% from the same period last year. Jet fuel product supplied is down 0.6% compared to the same four-week period last year.

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