EIA: Oil inventory climbed to 486.1 million bbl

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 600,000 bbl for the week ended Dec. 23 compared with the previous week, the US Energy Information Administration reported.

The latest total estimate was 486.1 million bbl, which EIA called near the upper limit of the average range for this time of year. The Petroleum Status Report was issued a day later than normal because federal office workers had Dec. 26 off for the Christmas holiday.

Total motor gasoline inventories decreased 1.6 million bbl. EIA said that level was the upper half of the average range. Finished gasoline inventories increased while blending components inventories decreased.

Distillate fuel inventories decreased 1.9 million bbl for the week ended Dec. 23, putting distillate fuel levels at near the upper limit of the average range for this time of year. Propane-propylene inventories fell 5.7 million bbl but remain in the upper half of the average range, EIA said.

US refinery inputs averaged 16.6 million b/d during the week ended Dec. 23, which was 101,000 b/d less than the previous week’s average. Refineries operated at 91% of capacity.

Gasoline production increased last week, averaging more than 10.5 million b/d. Distillate fuel production decreased, averaging 5 million b/d.

US crude oil imports averaged 8.2 million b/d, down 304,000 b/d from the previous week. During the last 4 weeks, crude oil imports averaged 8.1 million b/d, 2.4% above the same 4-week period last year. Total motor gasoline imports, including both finished gasoline and gasoline blending components, last week averaged 434,000 b/d. Distillate fuel imports averaged 157,000 b/d.

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