EIA: US crude inventories fall 6.2 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 6.2 million bbl during the week ended Sept. 16 compared with the previous week’s average, according to the US Energy Information Administration’s Petroleum Status Report.

At 504.6 million bbl, US crude inventories remain at historically high levels for this time of year. EIA last week reported a 600,000-bbl decline for the week ended Sept. 9 (OGJ Online, Sept. 14, 2016).

Analysts surveyed by The Wall Street Journal anticipated a 3.3 million-bbl rise in crude stockpiles for the week ended Sept. 16.

Separately, the American Petroleum Institute’s own estimate indicated crude stockpiles dropped 7.5 million bbl for the week.

EIA said total motor gasoline inventories decreased 3.2 million bbl, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories fell last week.

Distillate fuel inventories increased 2.2 million bbl and are well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 700,000 bbl and are above the upper limit of the average range. Total commercial petroleum inventories declined 6 million bbl.

US crude refinery inputs during the week ended Sept. 16 averaged 16.6 million b/d, down 143,000 b/d from the previous week’s average. Refineries operated at 92.0% of their operable capacity.

Gasoline production and distillate fuel production both increased last week to 10.1 million and 5 million b/d, respectively.

US crude imports averaged 8.3 million b/d, up 247,000 b/d from the previous week’s average. Over the last 4 weeks, crude oil imports averaged 8.1 million b/d, an increase of 9% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 569,000 b/d. Distillate fuel imports averaged 76,000 b/d last week.

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