EIA: US crude inventories drop 1.7 million bbl

US crude oil stockpiles have now fallen in 9 of 10 weeks, according to the US Energy Information Administration’s Petroleum Status Report.

Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, dropped 1.7 million bbl during the week ended June 9 from the previous week’s total. The latest decline follows last week’s report that showed an unexpected increase in stockpiles (OGJ Online, June 7, 2017).

At 511.5 million bbl, US crude inventories remain in the upper half of the average range for this time of year.

Separate data from the American Petroleum Institute, meanwhile, indicated a 2.75-million bbl increase for the week ended June 9.

EIA reported another increase in gasoline inventories, which climbed 2.1 million bbl and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week.

Distillate fuel inventories gained 300,000 bbl and are near the upper limit of the average range for this time of year. Propane-propylene inventories rose 2.4 million bbl but are in the lower half of the average range. Total commercial petroleum inventories added 6.8 million bbl.

US crude refinery inputs last week averaged 17.3 million b/d, up 29,000 b/d from the previous week’s average. Refineries operated at 94.4% of their operable capacity.

Both gasoline production and distillate fuel production decreased to 9.8 million b/d and 5.2 million b/d, respectively.

US crude imports averaged 8 million b/d, down 316,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged about 8.2 million b/d, up 7.1% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 574,000 b/d. Distillate fuel imports averaged 61,000 b/d last week.

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