Commodities Buzz: US Crude Oil Inventories Down 16% On Year

28 Apr 2022 , 01:51 PM

The EIA noted in its latest weekly update that US crude oil imports averaged 5.9 million barrels per day last week, up by 98,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.0 million barrels per day, 0.3% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 845,000 barrels per day, and distillate fuel imports averaged 125,000 barrels per day.

US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 0.7 million barrels from the previous week. At 414.4 million barrels, U.S. crude oil inventories are about 16% below the five year average for this time of year. Total motor gasoline inventories decreased by 1.6 million barrels last week and are about 4% below the five year average for this time of year.

Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 1.4 million barrels last week and are about 21% below the five year average for this time of year. Total commercial petroleum inventories increased by 0.7 million barrels last week.

Powered by Commodity Insights