US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 1.4 million bbl during the week ended July 29 compared with the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.
At 522.5 million bbl, crude inventories remain at historically high levels for this time of year. EIA last week reported a 1.7 million-bbl increase for the week ended July 22 (OGJ Online, July 27, 2016).
Analysts surveyed by The Wall Street Journal before release of EIA’s report expected a 900,000-bbl decline for the week ended July 29.
Separate data released by the American Petroleum Institute on Aug. 2 indicates a decline of 1.3 million bbl.
Gasoline inventories fall
EIA estimates total motor gasoline inventories decreased 3.3 million bbl last week, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories fell.
Distillate fuel inventories increased 1.2 million bbl, and are above the upper limit of the average range for this time of year. Propane-propylene inventories rose 300,000 bbl, and are near the upper limit of the average range. Total commercial petroleum inventories gained 2.1 million bbl.
US crude refinery inputs during the week ended July 29 averaged 16.9 million b/d, up 266,000 b/d from the previous week’s average. Refineries operated at 93.3% of their operable capacity.
Gasoline production decreased to 10 million b/d, while distillate fuel production increased to 4.9 million b/d.
US crude imports averaged 8.7 million b/d, up 301,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.3 million b/d, an increase of 10.4% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, last week averaged 637,000 b/d. Distillate fuel imports averaged 96,000 b/d.