Data from the US Energy Information Administration’s Weekly Petroleum Status Report show that US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 2.3 million bbl during the week ended Mar. 25 from the previous week's total.
At 534.8 million bbl, inventories remain at historically high levels for this time of year. EIA last week reported that inventories during the week ended Mar. 18 jumped 9.4 million bbl (OGJ Online, Mar. 23, 2016).
Separately, the American Petroleum Institute estimated that inventories rose by 2.6 million bbl during the week ended Mar. 25.
Analysts surveyed by The Wall Street Journal anticipated a rise of 3.5 million bbl for the week.
Gasoline stocks drop
Total motor gasoline inventories decreased 2.5 million bbl last week, but remain well-above the upper limit of the average range, the report says. Both finished gasoline inventories and blending components inventories fell.
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 rose 600,000 bbl, and are above the upper limit of the average range. Total commercial petroleum inventories gained 1.5 million bbl.
US crude refinery inputs during the week ended Mar. 25 averaged 16.2 million b/d, an increase of 414,000 b/d from the previous week’s average. Refineries operated at 90.4% of their operable capacity.
Gasoline production dropped to average 9.4 million b/d, while distillate fuel production increased to average 4.9 million b/d.
US crude imports last week averaged 7.7 million b/d, down 636,000 b/d from the previous week’s average. Over the past 4 weeks, crude imports averaged about 8 million b/d, which is 9.8% above the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 516,000 b/d last week. Distillate fuel imports averaged 98,000 b/d.