U.S. OIL INVENTORIES DOWN BY 2.0 MB TO 492.4 MB

U.S. EIA -  Sept. 30, 2020 - Data for week ending Sept. 25, 2020

Summary of Weekly Petroleum Status Report     

U.S. crude oil refinery inputs averaged 13.7 million barrels per day during the week ending September 25, 2020 which was 300,000 barrels per day more than the previous week’s average. Refineries operated at 75.8% of their operable capacity last week. Gasoline production decreased last week, averaging 8.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.4 million barrels per day.

U.S. crude oil imports averaged 5.1 million barrels per day last week, down by 45,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.2 million barrels per day, 21.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 732,000 barrels per day, and distillate fuel imports averaged 141,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.0 million barrels from the previous week. At 492.4 million barrels, U.S. crude oil inventories are about 13% above the five year average for this time of year. Total motor gasoline inventories increased by 0.7 million barrels last week and are about 1% above the five year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories decreased by 3.2 million barrels last week and are about 21% above the five year average for this time of year. Propane/propylene inventories increased by 4.1 million barrels last week and are about 15% above the five year average for this time of  year. Total commercial petroleum inventories decreased by 0.6 million barrels last week.

Total products supplied over the last four-week period averaged 17.9 million barrels a day, down by 14.4% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.5 million barrels a day, down by 8.9% from the same period last year. Distillate fuel product supplied averaged 3.5 million barrels a day over the past four weeks, down by 8.9% from the same period last year. Jet fuel product supplied was down 46.1% compared with the same fourweek period last year.

The West Texas Intermediate crude oil price was $40.06 per barrel on September 25, 2020, $1.03 below last week’s price and $15.89 less than a year ago. The spot price for conventional gasoline in the New York Harbor was $1.256 per gallon, $0.032 less than last week’s price and $0.498 below a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.127 per gallon, $0.044 below last week’s price and $0.821 under a year ago. 

The national average retail regular gasoline price was $2.169 per gallon on September 28, 2020, $0.001 per gallon higher than last week’s price but $0.473 under a year ago. The national average retail diesel fuel price was $2.394 per gallon, $0.010 per gallon below last week’s level and $0.672 under a year ago.

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