Crude Oil Inventories Continue to Decline as Refinery Inputs Slip Further

Source: EIA

Crude oil inventories of the United States continued to decline, in line with the steady decline of refinery inputs.

• Inventories for the week ending January 7 stood at 413.3 million barrels, down 4.6 million barrels from the previous week. This is 8% below the five-year average.
• Declines were seen in the inventories of propane/propylene, which fell by 3.4 million barrels, and commercial petroleum down 4.5 million barrels.
• increases were recorded in the inventories of motor gasoline, finished gasoline, blending components, and distillate fuel.
• Total products supplied over the last four weeks averaged 20.8 million barrels a day, up by 10.8% from the comparable period in 2021.
• Refinery inputs amounted to 15.6 million barrels per day to reflect a decline of 293,000 barrels a day, as refineries operated at 88.4% of the previous capacity.
• Imports averaged 6.1 million barrels per day, indicating an increase of 185,000 barrels per day from the previous week.