EIA: US crude stocks up 2.1 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, gained 2.1 million bbl to 538.6 million bbl during the week ended Apr. 15 from the previous week’s total.

The data, compiled in the US Energy Information Administration’s Petroleum Status Report, indicate crude inventories remain at historically high levels for this time of year.

Analysts surveyed by The Wall Street Journal forecast a 2 million-bbl gain in crude supplies during the week. Separately, the American Petroleum Institute estimated crude stocks rose 3.1 million bbl.

EIA last week reported that inventories during the week ended Apr. 8 increased 6.6 million bbl (OGJ Online, Apr. 13, 2016).

Gasoline supplies edge down

Total motor gasoline inventories decreased 100,000 bbl last week, but are well above the upper limit of the average range. Finished gasoline inventories rose while blending components inventories fell.

Distillate fuel inventories dropped 3.6 million bbl, but are well above the upper limit of the average range for this time of year. Propane-propylene inventories gained 1.2 million bbl, and are above the upper limit of the average range.

US crude refinery inputs during the week ended Apr. 15 averaged 16.1 million b/d, up 163,000 b/d from the previous week’s average. Refineries operated at 89.4% of their operable capacity.

Gasoline production increased last week to more than 9.7 million b/d, while distillate fuel output decreased to more than 4.7 million b/d.

US crude imports averaged 8.2 million b/d, up 247,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, which is 2.1% above the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, last week averaged 791,000 b/d. Distillate fuel imports averaged 90,000 b/d.

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