EIA: US crude inventories rose 1.1 million bbl last week

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, were up 1.1 million bbl during the week ended Aug. 5 from the previous week’s total, data from the US Energy Information Administration’s Petroleum Status Report indicates.

At 523.6 million bbl, US crude inventories remain at historically high levels for this time of year. During the week ended July 29, stockpiles increased 1.4 million bbl, EIA said (OGJ Online, Aug. 3, 2016).

Analysts surveyed by the Wall Street Journal anticipated EIA to report an 800,000-bbl decline for the week ended Aug. 5.

In its own estimate, the American Petroleum Institute saw a 2 million-bbl rise in US inventories.

Gasoline inventories down

Somewhat offsetting the market effects of another increase in crude stockpiles, EIA estimates total motor gasoline inventories last week decreased 2.8 million bbl, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories fell.

Distillate fuel inventories dropped 2 million bbl, but are near the upper limit of the average range for this time of year. Propane-propylene inventories rose 2 million bbl, and are near the upper limit of the average range. Total commercial petroleum inventories increased 2.5 million bbl.

US crude refinery inputs during the week ended Aug. 5 averaged 16.6 million b/d, down 255,000 b/d from the previous week’s average. Refineries operated at 92.2% of their operable capacity.

Gasoline production increased to 10.1 million b/d, while distillate fuel production decreased to 4.7 million b/d.

US crude imports last week averaged 8.4 million b/d, down 334,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.4 million b/d, up 11.5% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, last week averaged 930,000 b/d. Distillate fuel imports averaged 184,000 b/d.

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