EIA data show 2.5 million-bbl US oil inventory drop

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 2.5 million bbl to an estimated 509.1 million bbl total for the week ended June 16 compared with the previous week, the Energy Information Administration reported.

Separately, the American Petroleum Institute estimated US crude oil inventories fell by 2.7 million bbl.

EIA said US crude oil inventories were in the upper half of the average range for this time of year (OGJ Online, June 14, 2017). Total gasoline inventories declined 600,000 bbl for the week ended June 16, the Weekly Petroleum Status Report said. Gasoline levels were above the upper limit of the average range.

Finished gasoline inventories decreased while blending component inventories increased last week. Gasoline production rose, averaging about 10.2 million b/d.

Distillate fuel inventories gained 1.1 million bbl, reaching above the upper limit of the average range for this time of year. Distillate fuel production increased, averaging about 5.3 million b/d.

Propane-propylene inventories climbed 1.8 million bbl but remained in the lower half of the average range, EIA said.

Refinery inputs averaged 17.2 million b/d during the week ended June 16, which was 104,000 b/d less than the previous week’s average, EIA said. Refineries operated at 94% of capacity last week.

US crude oil imports averaged 7.9 million b/d for the week ended June 16, down 149,000 b/d from the previous week. Over 4 weeks, crude oil imports averaged 8.1 million b/d, 2% above the same 4-week period 1 year ago.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 909,000 b/d. Distillate fuel imports averaged 87,000 b/d last week.  

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