EIA: US crude inventories up 1.3 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 1.3 million bbl during the week ended Mar. 11 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 523.2 million bbl, inventories remain at historically high levels for this time of year, EIA says. Last week, inventories increased 3.9 million bbl (OGJ Online, Mar. 9, 2016).

Analysts surveyed by The Wall Street Journal before the weekly EIA inventory release had expected crude supplies to rise by 3.3 million bbl.

The American Petroleum Institute’s own estimate showed crude supplies rose 1.5 million bbl for the week ended Mar. 11.

Gasoline inventories continue slide

Total motor gasoline inventories decreased 700,000 bbl last week, but remain well-above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased.

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

Propane-propylene inventories rose 200,000 bbl and are well-above the upper limit of the average range. Total commercial petroleum inventories increased 1.8 million bbl.

US crude refinery inputs during the week ended Mar. 11 averaged 16 million b/d, up 85,000 b/d from the previous week’s average. Refineries operated at 89% of their operable capacity.

Gasoline production increased to average more than 10 million b/d and distillate fuel production increased to average 4.8 million b/d.

US crude imports last week averaged 7.7 million b/d, down 355,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged about 8 million b/d, 10% above the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 716,000 b/d. Distillate fuel imports averaged 258,000 b/d.

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