EIA report shows 5.2 million-bbl drop in US crude stockpiles

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 5.2 million bbl during the week ended Oct. 14 from the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

Analysts surveyed by The Wall Street Journal anticipated a 2 million-bbl increase during the week. The American Petroleum Institute’s own inventory data showed a 3.8 million-bbl draw.

At 468.7 million bbl, EIA says US crude inventories are near the upper limit of the average range for this time of year. The agency reported that crude stockpiles during the week ended Oct. 7 gained 4.9 million bbl (OGJ Online, Oct. 13, 2016).

Total motor gasoline inventories increased 2.5 million bbl last week, and are well above the upper limit of the average range, EIA’s report said. Inventories rose for both finished gasoline inventories and blending components.

Distillate fuel inventories decreased 1.2 million bbl, but are above the upper limit of the average range for this time of year. Propane-propylene inventories fell 1.2 million bbl, but are above the upper limit of the average range. Total commercial petroleum inventories dropped 3.6 million bbl.

US crude refinery inputs during the week ended Oct. 14 averaged 15.4 million b/d, down 182,000 b/d from the previous week’s average. Refineries operated at 85% of their operable capacity.

Gasoline production fell to 9.5 million b/d, while distillate fuel production increased to 4.6 million b/d.

US crude imports averaged 6.9 million b/d, down 954,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.6 million b/d, up 3.1% compared with the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 871,000 b/d. Distillate fuel imports averaged 32,000 b/d last week.

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