EIA Reports Crude Oil Inventory Draw of 4.5 Million Barrels

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   |    Wednesday,August 12,2020

Weekly EIA Inventory Report - Week Ending August 7, 2020

• U.S. crude oil imports averaged 5.6 million barrels per day last week, down by 389,000 barrels per day from the previous week (down 7%)

• Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 20.4% less than the same four-week period last year

• U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.5 million barrels from the previous week (down 1%)

• At 514.1 million barrels, U.S. crude oil inventories are about 15% above the five year average for this time of year

Total commercial petroleum inventories decreased last week by 6.2 million barrels last week.

U.S. crude oil refinery inputs averaged 14.7 million barrels per day during the week ending August 7, 2020 which was 21,000 barrels per day more than the previous week’s average. Refineries operated at 81.0% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

Total products supplied over the last four-week period averaged 18.5 million barrels a day, down by 14.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.7 million barrels a day, down by 10.2% from the same period last year. Distillate fuel product supplied averaged 3.6 million barrels a day over the past four weeks, down by 9.3% from the same period last year.  Jet fuel product supplied was down 45.8% compared with the same four-week period last year.