EIA estimates 2.3 million-bbl drop in US crude stockpiles

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, recorded a weekly decline of 2.3 million bbl to 519.5 million bbl during the week ended July 15, data from the US Energy Information Administration indicates.

The agency’s latest weekly Petroleum Status Report notes that crude inventories remain at historically high levels for this time of year. EIA last week estimated a 2.5 million-bbl drop for the week ended July 8 (OGJ Online, July 13, 2016).

Analysts surveyed by The Wall Street Journal expected the EIA to report a 1.7 million-bbl loss for the week ended July 15.

The American Petroleum Institute said its own data also showed a 2.3 million-bbl decrease in crude supplies.

Meanwhile, EIA said total motor gasoline inventories last week rose 900,000 bbl, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased.

Distillate fuel inventories fell 200,000 bbl, but are above the upper limit of the average range for this time of year. Propane-propylene inventories gained 100,000 bbl, and are near the upper limit of the average range. Total commercial petroleum inventories increased 2.6 million bbl.

US crude refinery inputs during the week ending July 15 averaged 16.9 million b/d, up 319,000 b/d from the previous week’s average. Refineries operated at 93.2% of their operable capacity last week.

Gasoline and distillate fuel production each decreased to 10.1 million b/d and 5 million b/d, respectively.

US crude imports averaged 8.1 million b/d, up 293,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8 million b/d, which is 5.9% above the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 897,000 b/d last week. Distillate fuel imports averaged 190,000 b/d.

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