EIA: US crude inventories record 2.4 million-bbl rise

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 2.4 million bbl during the week ended Nov. 4 compared with the previous week’s total, according to data from the US Energy Information Administration.

At 485 million bbl, crude inventories are near the upper limit of the average range for this time of year, EIA’s Petroleum Status Report indicates.

Analysts surveyed by The Wall Street Journal anticipated a 900,000-bbl rise for the week. Separate data from the American Petroleum Institute show a 4.4 million-bbl increase.

EIA reported a 14.4 million-bbl jump in crude stockpiles for the week ended Oct. 28 (OGJ Online, Nov. 2, 2016). That was the biggest build in EIA data that dates back 34 years.

Total motor gasoline inventories during the week ended Nov. 4 fell 2.8 million bbl, but are well above the upper limit of the average range, the agency said. Finished gasoline inventories increased while blending components inventories decreased.

Distillate fuel inventories last week decreased 1.9 million bbl, but are well above the upper limit of the average range for this time of year. Propane-propylene inventories fell 1.3 million bbl, but are near the upper limit of the average range. Total commercial petroleum inventories dropped 7 million bbl.

US crude refinery inputs averaged 15.8 million b/d, up 369,000 b/d from the previous week’s average. Refineries operated at 87.1% of their operable capacity.

Both gasoline and distillate fuel production increased to 10.5 million b/d and 4.8 million b/d, respectively.

US crude imports averaged 7.4 million b/d, down 1.6 million b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.6 million b/d, up 5.3% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 500,000 b/d. Distillate fuel imports averaged 107,000 b/d last week.

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