Oil & Gas Prices

EIA Reports Crude Oil Inventory Draw of 900,000 Barrels

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EIA Inventory Report - Week Ending August 28, 2020

• U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 9.4 million barrels from the previous week (down 2% from last week)

• U.S. crude oil imports averaged 4.9 million barrels per day last week, decreased by 1.0 million barrels per day from the previous week (down 17% from last week)

• Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 20.2% less than the same four-week period last year

• At 498.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year

U.S. crude oil refinery inputs averaged 13.9 million barrels per day during the week ending August 28, 2020 which was 0.8 million barrels per day less than the previous week’s average. Refineries operated at 76.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.5 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 18.3 million barrels a day, down by 15.9% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.9 million barrels a day, down by 8.9% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels a day over the past four weeks, down by 5.1% from the same period last year.  Jet fuel product supplied was down 47.1% compared with the same four-week period last year.