US Crude Oil Inventories Rise as Refinery Inputs Decline

US crude oil refinery inputs averaged 15.6 million barrels per day during the week ending April 26, 2024, marking a decrease of 230,000 barrels per day from the previous week, according to the latest data from the US Energy Information Administration (EIA). Refineries operated at 87.5% of their operable capacity, with gasoline production rising to 9.4 million barrels per day and distillate fuel production falling to 4.5 million barrels per day.

Despite the decline in refinery inputs, US commercial crude oil inventories increased by 7.3 million barrels to 460.9 million barrels, remaining approximately 3% below the five-year average for this time of year. This rise in inventories was accompanied by an increase in crude oil imports, which averaged 6.8 million barrels per day, up 274,000 barrels per day from the previous week.

Total motor gasoline inventories also saw a slight increase, reaching a level about 3% below the five-year average. Distillate fuel inventories, however, decreased by 0.7 million barrels and are currently about 7% below the five-year average.

Total products supplied over the past four weeks averaged 19.6 million barrels per day, slightly above the same period last year. However, motor gasoline product supplied decreased by 3.6% and distillate fuel product supplied fell by 8.2% compared to the same period last year. Jet fuel product supplied, on the other hand, saw a 4.5% increase.