EIA: US crude inventories gain 3.9 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 3.9 million bbl during the week ended Mar. 4 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report. Last week, inventories jumped 10.4 million bbl (OGJ Online, Mar. 2, 2016).

At 521.9 million bbl, inventories remain at historically high levels for this time of year, EIA says.

A separate estimate from the American Petroleum Institute showed crude supplies gained 4.4 million bbl.

Analysts polled by The Wall Street Journal before the EIA report’s release expected crude supplies to increase 3.1 million bbl.

Gasoline inventories drop again

Total motor gasoline inventories decreased 4.5 million bbl last week, but remain well-above the upper limit of the average range. Both finished gasoline inventories and blending components inventories declined.

Distillate fuel inventories dropped 1.1 million bbl, but are above the upper limit of the average range for this time of year.

Propane-propylene inventories fell 700,000 bbl, but are well above the upper limit of the average range. Total commercial petroleum inventories dropped 700,000 bbl.

US crude refinery inputs averaged 15.9 million b/d during the week ended Mar. 4, up 59,000 b/d from the previous week’s average. Refineries operated at 89.1% of their operable capacity last week.

Gasoline production increased to average 9.6 million b/d while distillate fuel production decreased to average 4.7 million b/d.

US crude imports averaged 8 million b/d last week, down 244,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8 million b/d, up 12.3% from that of same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 565,000 b/d last week. Distillate fuel imports averaged 133,000 b/d.

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