EIA: US crude inventories jump by 10.4 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 10.4 million bbl during the week ended Feb. 26 compared the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 518 million bbl, US crude inventories are at historically high levels for this time of year, the agency says.

Analysts polled by the Wall Street Journal in advance of the report’s release had anticipated crude inventories would rise by 2.6 million bbl. Separately, the American Petroleum Institute said its own estimate for the week ended Feb. 26 showed a 9.9-million bbl rise.

Gasoline inventories fall

Total US motor gasoline inventories decreased by 1.5 million bbl last week, but are well above the upper limit of the average range, EIA says. Both finished gasoline inventories and blending components inventories decreased.

Distillate fuel inventories increased by 2.9 million bbl and are above the upper limit of the average range for this time of year.

Propane-propylene inventories fell by 3.7 million bbl but are well above the upper limit of the average range. Total commercial petroleum inventories increased by 9.9 million bbl.

US crude refinery inputs averaged 15.9 million b/d during the week ended Feb. 26, which is 167,000 b/d more than the previous week’s average. Refineries operated at 88.3% of their operable capacity last week.

Gasoline production declined to average 9.3 million b/d while distillate fuel production increased to average 4.8 million b/d.

US crude imports averaged 8.3 million bb/d, up 490,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, 7.2% above the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 454,000 b/d. Distillate fuel imports averaged 306,000 b/d.

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