EIA: US crude inventories fall 4.1 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 4.1 million bbl during the week ended June 24 compared with the previous week’s average, according to the US Energy Information Administration’s latest Petroleum Status Report.

At 526.6 million bbl, inventories remain at historically high levels for this time of year. EIA’s data showed a 900,000-b/d decline in each of the previous 2 weeks (OGJ Online, June 22, 2016).

Analysts surveyed by The Wall Street Journal anticipated a 2 million-bbl draw. In its own estimate, the American Petroleum Institute forecast a 3.9 million-bbl drop.

EIA reported that total motor gasoline inventories last week gained 1.4 million bbl, and are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased.

Distillate fuel inventories decreased 1.8 million bbl, but are well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 2.5 million bbl, and are near the upper limit of the average range. Total commercial petroleum inventories fell 1 million bbl.

US crude refinery inputs during the week ended June 24 averaged 16.7 million b/d, up 190,000 b/d from the previous week’s average. Refineries operated at 93% of their operable capacity.

Gasoline production decreased to 10 million b/d, while distillate fuel production increased to 5 million b/d.

US crude imports averaged 7.6 million b/d, down 884,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, which is 12% above the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 904,000 b/d. Distillate fuel imports averaged 25,000 b/d last week.

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