U.S. Crude Oil Inventories Decrease by 10.6 Million Barrels
08.03.2020 - NEWS

August 03, 2020 [Oil & Gas 360º] – U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 10.6 million barrels from the previous week. At 526.0 million barrels, U.S. crude oil inventories are about 17% above the five year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of July 24, 2020.

 

Summary of weekly petroleum data for the week ending July 24, 2020

U.S. crude oil refinery inputs averaged 14.6 million barrels per day during the week ending July 24, 2020, which was 389,000 thousand barrels per day less than the previous week’s average. Refineries operated at 79.5% of their operable capacity last week.

  • Gasoline production increased last week, averaging 9.2 million barrels per day.
  • Distillate fuel production increased last week, averaging 4.8 million barrels per day.

Imports

U.S. crude oil imports averaged 5.1 million barrels per day last week decreased by 0.8 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 13.6% less than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 924,000 barrels per day, and distillate fuel imports averaged 148,000 barrels per day.

Products inventories

  • Total motor gasoline inventories increased by 0.7 million barrels last week and are about 8% above the five year average for this time of year.
  • Finished gasoline inventories and blending components inventories both increased last week.
  • Distillate fuel inventories increased by 0.5 million barrels last week and are about 26% above the five year average for this time of year.
  • Propane/propylene inventories increased by 2.0 million barrels last week and are about 12% above the five year average for this time of year.
  • Total commercial petroleum inventories decreased last week by 6.5 million barrels last week.

Products supplied

Total products supplied over the last four-week period averaged 18.3 million barrels per day, down by 13.1% from the same period last year. Over the past four weeks:

  • Motor gasoline product supplied averaged 8.7 million barrels per day, down by 9.0% from the same period last year.
  • Distillate fuel product supplied averaged 3.4 million barrels per day over the past four weeks, down by 11.1% from the same period last year.
  • Jet fuel product supplied was down 42.1% compared with the same four-week period last year.