The US Energy Information Administration estimates US crude oil stockpiles rose enough last week to offset the previous week’s losses.
Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, rose 2.5 million bbl during the week ended Aug. 19 compared with the previous week’s total, according to the agency’s weekly Petroleum Status Report. For the week ended Aug. 12, EIA reported a 2.5-million decline (OGJ Online, Aug. 17, 2016).
At 523.6 million bbl, crude inventories are at historically high levels for this time of year.
While analysts surveyed by The Wall Street Journal anticipated a slight decline for last week, the American Petroleum Institute’s own estimates indicated a 4.5 million-bbl jump in crude stockpiles.
Also in EIA’s report, total motor gasoline inventories remained unchanged last week, and are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased.
Distillate fuel inventories gained 100,000 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 6.6 million bbl.
US crude refinery inputs during the week ended Aug. 19 averaged 16.7 million b/d, down 186,000 b/d from the previous week’s average. Refineries operated at 92.5% of their operable capacity.
Gasoline and distillate fuel production each fell to 10 million b/d and 4.8 million b/d, respectively.
US crude imports last week averaged 8.6 million b/d, up 449,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.5 million b/d, an increase of 13.3% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 801,000 b/d. Distillate fuel imports averaged 224,000 b/d last week.