Washington D.C., USA: U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 6.0 million barrels from the previous week. At 410.0 million barrels, U.S. crude oil inventories are at the five year average for this time of year.
Economists consensus had forecast an increase of 2.3 million barrels for the previous week
Total motor gasoline inventories increased by 1.0 million barrels last week and are about 7% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 2.7 million barrels last week and are about 4% below the five year average for this time of year. Propane/propylene inventories increased by 1.5 million barrels last week and are about 7% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 11.3 million barrels last week.
U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending October 5, 2018, which was 352,000 barrels per day less than the previous week’s average. Refineries operated at 88.8% of their operable capacity last week. Gasoline production decreased last week, averaging 9.7 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged 7.4 million barrels per day last week, down by 568,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.8 million barrels per day, 5.3% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 693,000 barrels per day, and distillate fuel imports averaged 187,000 barrels per day.
Total products supplied over the last four-week period averaged 20.3 million barrels per day, up by 0.2% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.2 million barrels per day, down by 2.6% from the same period last year. Distillate fuel product supplied averaged 4.2 million barrels per day over the past four weeks, up by 8.2% from the same period last year. Jet fuel product supplied was up 1.7% 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.