Washington D.C., USA: U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week, , Energy Information Administration (EIA) of the U.S. Department of Energy, data released today show.
Economists consensus had forecast drop of 2.8 million barrels for the week ended August 3.
U.S. crude oil imports averaged 7.9 million barrels per day last week, up by 182,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 8.1 million barrels per day, 1.4% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 935,000 barrels per day, and distillate fuel imports averaged 169,000 barrels per day.
At 407.4 million barrels, U.S. crude oil inventories are about 1% below the five year average for this time of year. Total motor gasoline inventories increased by 2.9 million barrels last week and are about 4% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 1.2 million barrels last week and are about 10% below the five year average for this time of year. Propane/propylene inventories increased by 0.1 million barrels last week and are about 13% below the five year average for this time of year.
U.S. crude oil refinery inputs averaged 17.6 million barrels per day during the week ending August 3, 2018, which was 118,000 barrels per day more than the previous week’s average. Refineries operated at 96.6% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production increased last week, averaging 5.2 million barrels per day.
Total commercial petroleum inventories increased last week by 3.3 million barrels last week. Total products supplied over the last four-week period averaged 21.1 million barrels per day, down by 0.6% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.7 million barrels per day, down by 0.7% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the past four weeks, down by 8.3% from the same period last year. Jet fuel product supplied was up 2.3% compared with the same four-week period last year.
Why Markets Care About crude oil inventories (Crude Stocks, Crude Levels)
Crude Oil Inventories (Crude Stocks, Crude Levels) measures change in the number of barrels of crude oil held in inventory by commercial firms during the past week
It is released released weekly, 4 days after the week ends by the Energy Information Administration (EIA)
There is no consistent effect as there are both inflationary and growth implications. While this is a US indicator, it most affects the loonie due to Canada’s sizable energy sector.
crude oil inventories (crude stocks, crude levels) is the primary gauge of supply and demand imbalances in the market, which can lead to changes in production levels and price volatility.