EIA: US crude inventories up 2.3 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 2.3 million bbl during the week ended Jan. 13 compared with the previous week's total, according to the US Energy Information Administration’s Petroleum Status Report.

At 485.5 million bbl, US crude inventories are near the upper limit of the average range for this time of year. EIA last week reported a 4.1 million-bbl rise for the week ended Jan. 6 (OGJ Online, Jan. 11, 2017).

Analysts and traders surveyed by the Wall Street Journal expected a 100,000-bbl rise for the week ended Jan. 13.

In its own preliminary estimate, the American Petroleum Institute said crude stockpiles dropped 5 million bbl.

Gasoline trending upward

Total motor gasoline inventories rose 6 million bbl last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased.

Distillate fuel inventories decreased 1 million bbl, but are above the upper limit of the average range for this time of year. Propane-propylene inventories fell 7.4 million bbl, but are in the upper half of the average range. Total commercial petroleum inventories dropped 2 million bbl.

US crude refinery inputs during the week ended Jan. 13 averaged 16.5 million b/d, down 639,000 b/d from the previous week’s average. Refineries operated at 90.7% of their operable capacity.

Gasoline production and distillate fuel production both declined to average 9 million b/d and 4.7 million b/d, respectively.

US crude imports averaged 8.4 million b/d, down 674,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.2 million b/d, up 4.5% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 588,000 b/d. Distillate fuel imports averaged 152,000 b/d last week.

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