EIA Update: Crude oil inventory drops 5.9 MMBbls

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Summary of Weekly Petroleum Data for the week ending June 15, 2018

U.S. crude oil refinery inputs averaged 17.7 million barrels per day during the week ending June 15, 2018, which was 196,000 barrels per day more than the previous week’s average. Refineries operated at 96.7% of their operable capacity last week. Gasoline production decreased last week, averaging 10.1 million barrels per day. Distillate fuel production increased last week, averaging 5.5 million barrels per day.

U.S. crude oil imports averaged 8.2 million barrels per day last week, up by 143,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 8.1 million barrels per day, 0.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 850,000 barrels per day, and distillate fuel imports averaged 49,000 barrels per day. < Yes, we do import gasoline and diesel, primarily the East Coast.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.9 million barrels from the previous week.
At 426.5 million barrels, U.S. crude oil inventories are about 2% below the five year average for this time of year.

Total motor gasoline inventories increased by 3.3 million barrels last week and are about 6% above the five year range. Finished gasoline and blending components inventories both increased last week.
Distillate fuel inventories increased by 2.7 million barrels last week and are about 14% below the five year average for this time of year. < Dangerously low.
Propane/propylene inventories increased by 3.2 million barrels last week and are about 15% below the five year average for this time of year. Total commercial petroleum inventories increased by 0.2 million barrels last week.

Total products supplied over the last four-week period averaged 20.3 million barrels per day, up by 0.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels per day, down by 0.9% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day more than the past four weeks, up by 2.0% from the same period last year. Jet fuel product supplied was down 2.1% compared with the same four-week period last year.