EIA: US crude inventories shed 600,000 bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, declined 600,000 bbl during the week ended Oct. 21 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 468.2 million bbl, US crude inventories are near the upper limit of the average range for this time of year.

EIA’s estimate for the week contrasts with the 2.1 million-bbl gain projected by analysts surveyed by The Wall Street Journal, and separate American Petroleum Institute data that showed a 4.8 million-bbl build.

For the week ended Oct. 17, EIA reported a 5.2 million-bbl drop (OGJ Online, Oct. 19, 2016).

Gasoline stockpiles fall

Total motor gasoline inventories during the week ended Oct. 24 fell 2 million bbl, but are well above the upper limit of the average range, EIA said. Both finished gasoline inventories and blending components inventories decreased last week.

Distillate fuel inventories dropped 3.4 million bbl, but are above the upper limit of the average range for this time of year. Propane-propylene inventories fell 2.1 million bbl, but are near the upper limit of the average range. Total commercial petroleum inventories decreased 8.7 million bbl.

US crude refinery inputs during the week averaged 15.6 million b/d, up 182,000 b/d from than the previous week’s average. Refineries operated at 85.6% of their operable capacity.

Gasoline production increased to 9.8 million b/d, while distillate fuel production decreased to 4.5 million b/d.

US crude imports averaged 7 million b/d, up 109,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.4 million b/d, an increase of 2.1% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 834,000 b/d. Distillate fuel imports averaged 74,000 b/d last week.

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