EIA: Crude Stocks Down 900k on Week, Snapping 7-Week Build


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. commercial crude oil stocks fell last week, 
snapping seven consecutive weeks of builds, amid declines as well in gasoline, 
distillate and jet fuel inventories as refinery activity slowed, Energy 
Information Administration (EIA) data for the week ended April 10 released on 
Wednesday (4/15).

   Crude stocks decreased by 900,000 bbl to 463.8 million bbl during the week 
profiled. The prior week's stock level of 464.7 million bbl was the highest 
since the week ended June 11, 2021. The current inventory level remains 
approximately 4.7% above year-ago levels.

   Crude oil imports averaged 5.291 million bpd in the profiled week, a 
decrease of 1.033 million bpd from the previous week. Over the past four weeks, 
crude imports averaged 6.133 million bpd, down 1.3% from the same period last 
year.

   Total motor gasoline inventories fell by 6.4 million bbl last week to 232.9 
million bbl. On an annual level, gasoline stocks were down 0.5%.

   Distillate fuel balances fell by 3.1 million bbl to 111.6 million bbl, 
matching the previous week's decline. For the year, distillate stocks were down 
2.2%.

   Jet fuel stocks fell 800,000 bbl to 42.5 million bbl for the week, extending 
the prior week's 600,000 bbl decline. Annualized, jet fuel inventories were 
still 7.7% higher.

   Refinery utilization decreased to 89.6% last week from 92.0% of operable 
capacity reported the prior week. Crude oil input into refineries averaged 
16.042 million bpd during the week ended April 10, down by 208,000 bpd from the 
previous week's average.

   Total products supplied over the last four weeks averaged 20.6 million bpd, 
up 5.6% from the same period a year earlier. Gasoline demand averaged 8.8 
million bpd, up 3.6% from the same period last year, while distillate demand 
averaged 3.9 million bpd, higher by 2.2% year-over-year.




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