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U.S crude oil inventories drop more than expected in the EIA’s weekly report

Michael Harris
  • January 23rd, 23:44
  • Last Updated: January 23rd, 23:48
  • U.S crude oil inventories drop more than expected in the EIA’s weekly report.
  • Crude oil imports declined by 120,000 barrels per day as compared to the previous week.
  • Finished gasoline and blending components inventories surged last week.
  • US dollar index surged from 97.28 to 97.58 following the economic data on Thursday.

The Energy Information Administration released the weekly U.S crude oil inventories data on Thursday. As per the report, in the week that ended on January 17th, crude oil refinery inputs in the United States were noted at 16.9 million barrels per day (BPD) on average which was around 116,000 BPD less as compared to the figure for the previous week.

The report further highlighted the refineries to have operated at 90.5% of operable capacity in the week. Averaging 9.5 million BPD, gasoline production in the U.S surged in the January 17th week. Distillate fuel, on the other hand, dropped to 5.0 million BPD on average in the reported week.

Crude Oil Imports Declined By 120,000 Barrels Per Day As Compared To The Previous Week

Crude oil imports in the U.S were recorded at 6.4 million BPD last week that marked a 120,000 BPD decline as compared to the week that ended on January 10th. The average for crude oil imports in the past four weeks was posted at 6.5 million BPD. As compared to the same period last year, it was reported 15.8% lower.

Total imports of motor gasoline averaged 563,000 BPD last week while distillate fuel imports were capped at 320,000 BPD on average.

Excluding the strategic petroleum reserve, the commercial crude oil inventories in the U.S were down by 0.4% last week. As compared to the average for the same period in the past five years, crude oil inventories in the U.S were seen 2% down. Total inventories for motor gasoline, on the other hand, were 4% higher versus the same period average for the past five years.

Finished Gasoline And Blending Components Inventories Surged Last week

The report also highlighted the blending components and finished gasoline inventories to have hiked last week. Distillate fuel inventories printed a 2% drop as compared to the 5-year average while propane/propylene inventories were up by 27%. The last week registered 1.9 million barrels of loss in the total inventories for commercial petroleum.

At 20.0 million BPD, total products supplied in the past four weeks were 1.6% down as compared to the figure for last year. A drop of 1.4% was seen in the motor gasoline product supplied in the past four weeks as compared to 2019’s same period. A wider 8.3% decline was also recorded in distillate fuel product supplied in Thursday’s report versus the data for last year. Lastly, the data suggested a 3.8% hike in jet fuel product supplied in the past four weeks as compared to last year.

The U.S dollar index jumped from 97.28 to 97.58 following the economic data on Thursday.

About the author

Michael Harris
Michael Harris
I began trading in my early 20's at a local company and since then have combined my knowledge and love of content to become a news writer. I am passionate about bringing insightful articles to readers and hope to add some value to your portfolios!

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