EIA: US crude stockpiles shed 900,000 bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased 900,000 bbl during the week ended Nov. 25 from the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 488.1 million bbl, US crude inventories are near the upper limit of the average range for this time of year.

A survey of analysts and traders by The Wall Street Journal anticipated an increase of 100,000 bbl for the week. Separate data from American Petroleum Institute showed a 700,000-bbl drop.

Inventories for the week ended Nov. 18 declined 1.3 million bbl, EIA reported a week ago (OGJ Online, Nov. 23, 2016).

Gasoline inventories rise

Total motor gasoline inventories during the week ended Nov. 25 increased 2.1 million bbl, and are well above the upper limit of the average range, EIA said. Both finished gasoline inventories and blending components inventories rose.

Distillate fuel inventories gained 5 million bbl, and are well above the upper limit of the average range for this time of year. Propane-propylene inventories fell 1.9 million bbl, but are near the upper limit of the average range. Total commercial petroleum inventories rose 500,000 bbl.

US crude refinery inputs for the week averaged 16.3 million b/d, down 114,000 b/d from the previous week’s average. Refineries operated at 89.8% of their operable capacity.

Both gasoline and distillate fuel production increased last week to 10 million b/d and 5.2 million b/d, respectively.

US crude imports averaged 7.5 million b/d, down 30,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.7 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 851,000 b/d. Distillate fuel imports averaged 174,000 b/d last week.

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