UPDATE: Crude Inventory -4.95M Barrels vs -3.4M Expected

• Crude Inventory -4.95M Barrels vs -3.4M Expected
• Cushing -2.4M
• Gasoline +4.14M vs +3.04M Expected
• Distillate +4.25M vs +2.26M Expected

U.S. crude oil refinery inputs averaged 17.3 million barrels per day during the week ending January 5, 2018, 285,000 barrels per day less than the previous week’s average. Refineries operated at 95.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.5 million barrels per day. Distillate fuel production decreased last week, averaging 5.3 million barrels per day.

U.S. crude oil imports averaged about 7.7 million barrels per day last week, down by 308,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 7.9 million barrels per day, 4.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 264,000 barrels per day. Distillate fuel imports averaged 175,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.9 million barrels from the previous week. At 419.5 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year. Total motor gasoline inventories increased by 4.1 million barrels last week, and are near the top of the average range. Blending components inventories increased last week while finished gasoline inventories were down slightly. Distillate fuel inventories increased by 4.3 million barrels last week and are in the middle of the average range for this time of year. Propane/propylene inventories decreased by 6.3 million barrels last week, but are in the middle of the average range. Total commercial petroleum inventories decreased by 5.5 million barrels last week.

Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.1 million barrels per day, up by 2.5% from the same period last year. Distillate fuel product supplied averaged about 3.9 million barrels per day over the last four weeks, up by 6.8% from the same period last year. Jet fuel product supplied is up 13.4% compared to the same four-week period last year.

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