Washington D.C., USA: U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.2 million barrels (vs 3.6 million barrels expected) from the previous week. At 426.0 million barrels, U.S. crude oil inventories are about 2% above the five year average for this time of year.
Total motor gasoline inventories decreased by 3.2 million barrels last week and are about 6% above the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 4.1 million barrels last week and are about 5% below the five year average for this time of year. Propane/propylene inventories increased by 1.0 million barrels last week and are about 3% below the five year average for this time of year. Total commercial petroleum inventories decreased last week by 6.4 million barrels last week.
U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending October 26, 2018, which was 149,000 barrels per day more than the previous week’s average. Refineries operated at 89.4% of their operable capacity last week. Gasoline production increased last week, averaging 10.4 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged 7.3 million barrels per day last week, down by 334,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.5 million barrels per day, 2.5% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 363,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.
Total products supplied over the last four-week period averaged 20.6 million barrels per day, up by 5.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, down by 1.5% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the past four weeks, up by 14.2% from the same period last year. Jet fuel product supplied was down 3.7% 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.