WTI Inventory Up

USEIA (January 22, 2021):

U.S. crude oil refinery inputs averaged 14.8 million barrels per day during the week ending January 15, 2021 which was 110,000 barrels per day more than the previous week’s average. Refineries operated at 82.5% of their operable capacity last week. Gasoline production increased last week, averaging 8.9 million barrels per day. Distillate fuel production decreased last week, averaging 4.5 million barrels per day.

U.S. crude oil imports averaged 6.0 million barrels per day last week, down by 194,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.7 million barrels per day, 11.8% less than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 504,000 barrels per day, and distillate fuel imports averaged 460,000 barrels per day.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 4.4 million barrels from the previous week. At 486.6 million barrels, U.S. crude oil inventories are about 9% above the five year average for this time of year. Total motor gasoline inventories decreased by 0.3 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 0.5 million barrels last week and are about 8% above the five year average for this time of year. Propane/propylene inventories decreased by 6.2 million barrels last week and are about 11% below the five year average for this time of year. Total commercial petroleum inventories decreased by 0.7 million barrels last week.

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