American Crude Oil Inventories Decline as Gasoline, Distillate Fuel Production Slip

Source: EIA

Crude oil inventories in the United States retreated in the past week, even as both refinery inputs and imports increased during the period.

• Commercial crude oil inventories fell by 1.0 million barrels to 415.1 million barrels in the week ending January 28, 2022. This is 9% below the five-year average.
• Increases were reported in the inventories of motor gasoline, distillate fuel, propane/propylene, and total commercial petroleum.
• Finished gasoline inventories fell while blending components inventories increased.
• Average refinery inputs slipped by 248,000 barrels per day to 15.2 million barrels per day from the previous week, as refineries operated at 86.7% of capacity.
• Gasoline and distillate fuel production fell from the previous week to 8.7 million barrels per day and 4.6 million barrels per day, respectively.
• Imports for the week increased by 0.8 million barrels per day to an average of 7.1 million barrels per day. The four-week average climbed 9.6% to 6.5 million barrels a day.
• Products supplied over the last four weeks averaged 21.6 million barrels a day, reflecting an 11.8% increase from the same period in 2021.