Oil prices quickly returned back to session lows and the loonie gave back all of its earlier gains that stemmed from a strong retail report following the surprising build with crude inventories.
U.S. crude oil refinery inputs averaged 16.6 million barrels per day during the week ending May 17, 2019, which was 98,000 barrels per day less than the previous week’s average. Refineries operated at 89.9% 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 5.2 million barrels per day.
U.S. crude oil imports averaged 6.9 million barrels per day last week, down by 669,000 barrels per day from the previous week. Over the past four weeks, crude oil imports
averaged about 7.2 million barrels per day, 9.4% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline
blending components) last week averaged 1,350,000 barrels per day, and distillate fuel imports averaged 102,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.7 million barrels from the previous week. At 476.8 million barrels, U.S. crude oil inventories are about 4% above the five year average for this time of year. Total motor gasoline inventories increased by 3.7 million barrels last week and are at the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories increased by 0.8 million barrels last week and are about 4% below the five year average for this time of year. Propane/propylene inventories increased by 3.1 million barrels last week and are about 22% above the five year average for this time of year. Total commercial petroleum inventories increased last week by 16.8 million barrels last week.
Total products supplied over the last four-week period averaged 19.9 million barrels per day, down by 2.7% from the same period last year. Over the past four weeks, motor
gasoline product supplied averaged 9.4 million barrels per day, down by 1.1% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per
day over the past four weeks, down by 4.0% from the same period last year. Jet fuel product supplied was up 2.5% compared with the same four-week period last year.
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