Oil slides after EIA report shows crude inventories fell 2.68M barrels, analysts eyed a 2M decline

U.S. crude oil refinery inputs averaged 17.2 million barrels per day during the week ending January 11, 2019, which was 343,000 barrels per day less than the previous week’s average. Refineries operated at 94.6% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 5.4 million barrels per day.

U.S. crude oil imports averaged 7.5 million barrels per day last week, down by 319,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 7.6 million barrels per day, 3.6% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 377,000 barrels per day, and distillate fuel imports averaged 378,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.7 million barrels from the previous week. At 437.1 million barrels, U.S. crude oil inventories are about 8% above the five year average for this time of year. Total motor gasoline inventories increased by 7.5 million barrels last week and are about 6% above the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 3.0 million barrels last week and are about 3% below the five year average for this time of year. Propane/propylene inventories decreased by 1.2 million barrels last week and are about 1% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 5.0 million barrels last week.

Total products supplied over the last four-week period averaged 20.1 million barrels per day, down by 2.1% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 million barrels per day, down by 1.0% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the past four weeks, down by 8.9% from the same period last year. Jet fuel product supplied was down 5.7% compared with the same four-week period last year.

EIA

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Ed Moya

Ed Moya

Senior Market Analyst at OANDA
With more than 20 years’ trading experience, Ed Moya is a market analyst with OANDA, producing up-to-the-minute fundamental analysis of geo-political events and monetary policies in the US, Europe, the Middle East and North Africa. Over the course of his career, he has worked with some of the world’s leading forex brokerages and research departments including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including BNN, CNBC, Fox Business, and Bloomberg. He is often quoted in leading print and online publications such as the Wall Street Journal and the Washington Post. He holds a BA in Economics from Rutgers University. Follow Ed on Twitter @edjmoya ‏
Ed Moya