EIA: US crude inventories up 2.3 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 2.3 million bbl during the week ended Aug. 26 compared with the previous week, according to the US Energy Information Administration’s Petroleum Status Report.

At 525.9 million bbl, crude inventories are at historically high levels for this time of year. For the week ended Aug. 19, EIA reported a 2.5 million-bbl rise (OGJ Online, Aug. 24, 2016).

Analysts surveyed by The Wall Street Journal anticipated a 1.2 million-bbl rise for the week ended Aug. 26. Separately, the American Petroleum Institute reported a 942,000-bbl increase.

Total motor gasoline inventories fell 700,000 bbl last week, but are well above the upper limit of the average range, EIA said. Finished gasoline inventories remained unchanged while blending components inventories decreased.

Distillate fuel inventories increased 1.5 million bbl and are near the upper limit of the average range for this time of year. Propane-propylene inventories rose 2.4 million bbl and are above the upper limit of the average range. Total commercial petroleum inventories increased 4.5 million bbl.

US crude refinery inputs during the week ended Aug. 26 averaged 16.6 million b/d, down 64,000 b/d from the previous week’s average. Refineries operated at 92.8% of their operable capacity.

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

US crude imports last week averaged 8.9 million b/d, up 275,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.5 million b/d, up 11.4% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 832,000 b/d. Distillate fuel imports averaged 128,000 b/d.

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