U.S. OIL INVENTORIES DOWN BY 7.2 MB TO 425.4 MB

U.S. EIA -  Sept. 1, 2021  - Data for week ending Aug. 27, 2021

Summary of Weekly Petroleum Status Report    

U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending August 27, 2021 which was 133,000 barrels per day less than the previous week’s average. Refineries operated at 91.3% of their operable capacity last week. Gasoline production decreased last week, averaging 9.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.8 million barrels per day.

U.S. crude oil imports averaged 6.3 million barrels per day last week, up by 183,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 13.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 364,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.2 million barrels from the previous week. At 425.4 million barrels, U.S. crude oil inventories are about 6% below the five year average for this time of year. Total motor gasoline inventories increased by 1.3 million barrels last week and are about 2% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 9% below the five year average for this time of year. Propane/propylene inventories increased by 0.5 million barrels last week and are about 20% below the five year average for this time  of year. Total commercial petroleum inventories decreased by 13.6 million barrels last week.

Total products supplied over the last four-week period averaged 21.4 million barrels a day, up by 17.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 9.5 million barrels a day, up by 6.9% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels a day over the past four weeks, up by 10.4% from the same period last year. Jet fuel product supplied was up 51.7% compared with the same four-week period last year.

The West Texas Intermediate crude oil price was $68.84 per barrel on August 27, 2021, $6.59 above last week’s price and $25.88 more than a year ago. The spot price for conventional gasoline in the New York Harbor was $2.285 per gallon, $0.277 more than last week’s price and $1.001 above a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $2.107 per gallon, $0.210 above last week’s price and $0.903 over a year ago.

The national average retail regular gasoline price was $3.139 per gallon on August 30, 2021, $0.006 per gallon less than last week’s price but $0.917 over a year ago. The national average retail diesel fuel price was $3.339 per gallon, $0.015 above last week’s price but $0.898 over a year ago.

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