EIA: US crude inventories drop 3.4 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 3.4 million bbl from the previous week’s average, according to the US Energy Information Administration’s latest Petroleum Status Report.

At 540.0 million bbl, crude inventories remain at historically high levels for this time of year.

Analysts surveyed by The Wall Street Journal estimated last week’s inventories to gain 400,000 bbl. Separately, the American Petroleum Institute projected a 3.4 million-bbl rise.

EIA last week reported that US crude inventories increased 2.8 million bbl during the week ended Apr. 29 (OGJ Online, May 4, 2016).

Gasoline inventories down

Total motor gasoline inventories dropped 1.2 million bbl last week, but are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased.

Distillate fuel inventories decreased 1.6 million bbl, but are well above the upper limit of the average range for this time of year.

Propane-propylene inventories gained 1.3 million bbl, and are above the upper limit of the average range. Total commercial petroleum inventories declined 1.4 million bbl.

US crude refinery inputs during the week ended May 6 averaged 16.2 million b/d, up 193,000 b/d from the previous week’s average. Refineries operated at 89.1% of their operable capacity.

Both gasoline and distillate fuel production increased to 10.1 million b/d and 4.6 million b/d, respectively.

US crude imports last week averaged 7.7 million b/d, down 5,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, an increase of 8.4% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 779,000 b/d. Distillate fuel imports averaged 118,000 b/d last week.

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