UPDATE: Crude Inventory -6.5M Barrels vs -3.48M Expected

• Crude Inventory -6.5M Barrels vs -3.48M Expected
• Cushing +754
• Gasoline +1.24M vs +1.73M Expected
• Distillate +769 vs -145K Expected

U.S. crude oil refinery inputs averaged about 17.1 million barrels per day during the week ending December 15, 2017, 111,000 barrels per day more than the previous week’s average. Refineries operated at 94.1% of their operable capacity last week. Gasoline production decreased last week, averaging about 10.1 million barrels per day. Distillate fuel production decreased last week, averaging 5.2 million barrels per day.

U.S. crude oil imports averaged over 7.8 million barrels per day last week, up by 471,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.4 million barrels per day, 6.2% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 487,000 barrels per day. Distillate fuel imports averaged 380,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 6.5 million barrels from the previous week. At 436.5 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 1.2 million barrels last week, and are near the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.8 million barrels last week but are in the lower half of the average range for this time of year. Propane/propylene inventories decreased by 3.3 million barrels last week, and are in the middle of the average range. Total commercial petroleum inventories decreased by 14.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels per day, up by 2.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.0 million barrels per day, up by 0.4% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, down by 1.2% from the same period last year. Jet fuel product supplied is up 10.6% compared to the same four-week period last year.

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