EIA: US crude stockpiles fall 3 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 3 million bbl during the week ended Sept. 30 from the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.

At 499.7 million bbl, crude inventories remain at historically high levels for this time of year. EIA last week reported a 1.9 million-bbl decline for the week ended Sept. 23 (OGJ Online, Sept. 28, 2016).

Analysts surveyed by The Wall Street Journal expected stockpiles to rise 1.5 million bbl during the week ended Sept. 30.

The American Petroleum Institute’s own estimate indicated inventories dropped 7.6 million bbl during the week.

Total motor gasoline inventories last week increased 200,000 bbl, and are above the upper limit of the average range. Finished gasoline inventories decreased slightly while blending components inventories increased.

Distillate fuel inventories dropped 2.4 million bbl, but are 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 fell 11.2 million bbl.

US crude refinery inputs during the week ended Sept. 30 averaged 16 million b/d, down 302,000 b/d from the previous week’s average. Refineries operated at 88.3% of their operable capacity.

Both gasoline and distillate fuel production rose last week to 10 million b/d and 4.7 million b/d, respectively.

US crude imports averaged 7.7 million b/d, down 125,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8 million b/d, up 10.1% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 1 million b/d. Distillate fuel imports averaged 103,000 b/d last week.

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