Crude Inventory Surged by 15 Million Barrels Last Week, Says EIA

(Updated - April 22, 2020 10:32 AM EDT)

• Crude Inventory +15M Barrels vs +13.8M Expected
• Cushing +4.78M
• Gasoline +1M vs +4.43M Expected
• Distillate +7.88M vs 3.55M Expected

Summary of Weekly Petroleum Data for the week ending April 17, 2020

U.S. crude oil refinery inputs averaged 12.5 million barrels per day during the week ending April 17, 2020 which was 209,000 barrels per day less than the previous week’s average. Refineries operated at 67.6% of their operable capacity last week. Gasoline production increased last week, averaging 6.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.

U.S. crude oil imports averaged 4.9 million barrels per day last week, decreased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.6 million barrels per day, 15.0% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 368,000 barrels per day, and distillate fuel imports averaged 106,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 15.0 million barrels from the previous week. At 518.6 million barrels, U.S. crude oil inventories are about 9% above the five year average for this time of year. Total motor gasoline inventories increased by 1.0 million barrels last week and are about 12% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 7.9 million barrels last week and are about 1% below the five year average for this time of year. Propane/propylene inventories increased by 0.7 million barrels last week and are about 16% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 25.5 million barrels last week.

Total products supplied over the last four-week period averaged 15.0 million barrels a day, down by 25.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 5.5 million barrels a day, down by 41.4% from the same period last year. Distillate fuel product supplied averaged 3.4 million barrels a day over the past four weeks, down by 9.8% from the same period last year. Jet fuel product supplied was down 53.6% compared with the same four-week period last year.

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