US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 2.2 million bbl during the week ended July 1 compared with the previous week’s total, according to the US Energy Information Administration’s latest Petroleum Status Report.
At 524.4 million bbl, US crude inventories remain at historically high levels for this time of year. EIA last week reported a 4.1 million-bbl draw in crude supplies for the US during the week ended June 24 (OGJ Online, June 29, 2016).
A survey of analysts by The Wall Street Journal projected a 2.3 million-bbl decline for the week ended July 1. Separately, the American Petroleum Institute estimated a 6.7 million-bbl draw for the week.
Total motor gasoline inventories decreased 100,000 bbl, but are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week.
Distillate fuel inventories fell 1.6 million bbl, but are well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 2.7 million bbl, and are near the upper limit of the average range. Total commercial petroleum inventories increased 3.4 million bbl.
US crude refinery inputs during the week ended July 1 averaged 16.7 million b/d, down 8,000 b/d from the previous week’s average. Refineries operated at 92.5% of their operable capacity.
Gasoline production increased to 10 million b/d, while distillate fuel production decreased to 5 million b/d.
US crude imports last week averaged 8.4 million b/d, up 808,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8 million b/d, an 11.6% increase compared with the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 765,000 b/d. Distillate fuel imports averaged 61,000 b/d last week.