EIA crude inventory report shows unexpected 100,000-bbl rise

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 100,000 bbl during the week ended June 23 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

A survey of 10 analysts and traders by the Wall Street Journal prior to the EIA report’s release showed an expected decline of 2.4 million bbl.

At 509.2 million bbl, US crude inventories are in the upper half of the average range for this time of year. During the previous week, EIA said stockpiles fell 2.5 million bbl (OGJ Online, June 14, 2017).

Separate data from the American Petroleum Institute indicated that crude inventories gained 800,000 bbl for the week ended June 23.

EIA said total motor gasoline inventories fell 900,000 bbl last week but are above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased.

Distillate fuel inventories dropped 200,000 bbl but are above the upper limit of the average range for this time of year. Propane-propylene inventories gained 3.9 million bbl but are in the lower half of the average range. Total commercial petroleum inventories rose 800,000 bbl.

US crude refinery inputs averaged 16.9 million b/d, down 262,000 b/d from the previous week’s average. Refineries operated at 92.5% of their operable capacity last week.

Gasoline production increased to 10.3 million b/d, while distillate fuel production decreased to 5.2 million b/d.

US crude oil imports averaged 8 million b/d, up 140,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.1 million b/d, up 3% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 571,000 b/d. Distillate fuel imports averaged 139,000 b/d last week.

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