EIA: US crude oil inventory climbed 6.6 million bbl

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 6.6 million bbl to an estimated total of 536.6 million bbl for the week ended Apr. 8 compared with the previous week, the Energy Information Administration reported Apr. 13.

Crude inventories remain at historically high levels for this time of year. Analysts surveyed by The Wall Street Journal before the EIA report had said they expected crude supplies would rise by 1.8 million bbl for the week.

Separately, the American Petroleum Institute said its own estimate showed a 6.2-million-bbl increase in crude supplies.

In its separate Short-Term Energy Outlook issued Apr. 12, EIA said US crude production fell by 90,000 b/d during March compared with February (OGJ Online, Apr. 12, 2016). The agency lowered its production forecasts for 2016-17.

EIA estimated US crude production at 9 million b/d in March compared with 9.7 million b/d in April 2015.

Gasoline supplies drop

EIA’s Petroleum Status Report showed total motor gasoline inventories for the week ended Apr. 8 decreased 4.2 million bbl, which EIA called well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories.

Distillate fuel inventories increased 500,000 bbl, holding well above the upper limit of the average range for this time of year. Propane-propylene inventories climbed 2.8 million bbl, remaining above the upper limit of the average range, EIA said.

US refinery inputs averaged more than 15.9 million b/d, which was 492,000 b/d fewer than the previous week’s average. Refineries operated at 89.2% of capacity for the week ended Apr. 8.

Gasoline production decreased last week, averaging about 9.6 million b/d. Distillate fuel production decreased last week, averaging 4.8 million b/d.

Crude oil imports averaged more than 7.9 million b/d, up by 686,000 b/d from the previous week. During the last 4 weeks, crude oil imports averaged more than 7.8 million b/d, up 4.1% from the same 4-week period last year.

Total motor gasoline imports, including finished gasoline and gasoline blending components, averaged 570,000 b/d for the week ended Apr. 8. Distillate fuel imports averaged 175,000 b/d.

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