EIA: US crude stocks down 4.9 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, declined 4.9 million bbl during the week ended Apr. 1 from the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 529.9 million bbl, inventories remain at historically high levels for this time of year. Last week, EIA reported that stocks gained 2.3 million bbl during the week ended Mar. 25 (OGJ Online, Mar. 30, 2016).

Analysts surveyed by the Wall Street Journal anticipated an increase of 3.3 million bbl.

Meanwhile, the American Petroleum Institute estimated crude stocks fell 4.3 million bbl.

Gasoline stocks end slide

Total motor gasoline inventories rose 1.4 million bbl last week, and are well-above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased.

Distillate fuel inventories gained 1.8 million bbl and are above the upper limit of the average range for this time of year.

Propane-propylene inventories rose 2 million bbl last week and are above the upper limit of the average range. Total commercial petroleum inventories increased 1.1 million bbl.

US crude refinery inputs during the week were 16.4 million b/d, up 199,000 b/d from the previous week’s average. Refineries operated at 91.4% of their operable capacity.

Gasoline production increased to average 9.6 million b/d, while distillate fuel output decreased to average 4.8 million b/d.

US oil imports were 7.3 million b/d, down 494,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, an increase of 2.1% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 671,000 b/d. Distillate fuel imports were 62,000 b/d.

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