The U.S. Energy Information Administration (EIA) has released its weekly petroleum data, showing an increase in crude oil refinery inputs and a notable decrease in commercial crude oil inventories for the week ending November 29, 2024.
Refinery inputs averaged 16.9 million barrels per day (bpd), up by 615,000 bpd from the previous week, with refineries operating at 93.3% of their available capacity. Gasoline production, however, saw a decline, averaging 9.5 million bpd, while distillate fuel production increased to 5.3 million bpd.
U.S. crude oil imports also rose, averaging 7.3 million bpd, an increase of 1.2 million bpd from the prior week. Over the last four weeks, crude oil imports averaged 6.9 million bpd, reflecting a 5.0% increase compared to the same period in 2023. In addition, motor gasoline imports averaged 511,000 bpd, and distillate fuel imports totaled 116,000 bpd.
In terms of inventory changes, the EIA reported a 5.1 million barrel decrease in commercial crude oil stocks, leaving inventories at 423.4 million barrels—approximately 5% below the five-year average for this time of year. Gasoline inventories grew by 2.4 million barrels, though they remain 4% below the five-year average. Distillate fuel stocks saw a 3.4 million barrel increase, but are still 5% lower than the average. Propane/propylene inventories dropped by 700,000 barrels, though they are 10% above the five-year average for the season.
Total commercial petroleum inventories decreased by 4.7 million barrels last week. Meanwhile, the four-week average for total products supplied rose by 4.0% compared to the same period last year, with motor gasoline supplied up 2.8% and jet fuel up 7.1% year-over-year. Distillate fuel supplied remained unchanged.
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