EIA: U.S. Crude Down 1M Bbl; Gasoline, Distillates Fall

DAVENPORT, FL (DTN) — U.S. commercial crude oil inventories fell for the first time in four weeks as of October 17, while gasoline and distillate fuel oil stocks also declined, the Energy Information Administration reported Wednesday (10/22).

Commercial crude stocks decreased by 1 million bbl to 422.8 million bbl, following last week’s 3.5 million bbl build. Inventories now stand about 3.2 million bbl below levels last year.

Stocks at Cushing, Oklahoma, the delivery point for NYMEX West Texas Intermediate futures, fell by 800,000 bbl to 21.2 million bbl, marking the fourth consecutive weekly draw.

Distillate fuel oil inventories declined by 1.4 million bbl to 115.6 million bbl, after posting a 4.6 million bbl draw the prior week. Despite the decrease, stocks remain about 1.7 million bbl above the same period last year, with most of the draw occurring in low-sulfur grades.

Total motor gasoline inventories fell by 2.1 million bbl to 216.7 million bbl, following a small decline the prior week. Blending components accounted for most of the decrease, dropping by 2.1 million bbl to 201 million bbl, while conventional gasoline edged up by 100,000 bbl to 15.7 million bbl.

Refinery utilization rose to 88.6% of capacity, up from 85.7% the prior week and just below 89.5% last year. Crude runs averaged 15.730 million bpd, an increase of 601,000 bpd week-on-week.

Crude exports averaged 4.203 million bpd, down from 4.466 million bpd the previous week, while crude imports rose by 393,000 bpd to 5.918 million bpd.

Total products supplied over the last four weeks averaged 20.014 million bpd, nearly flat compared with the same period last year. Gasoline demand averaged 8.454 million bpd, down by 3.6% year-on-year, while distillate demand averaged 3.847 million bpd, up by 0.2% year-on-year.