EIA: Continuing Downward Trend, US Crude Stockpiles Fall 6.5 Million BBL

Aug

09

EIA: Continuing downward trend, US crude stockpiles fall 6.5 million bbl

HOUSTON, Aug. 9

08/09/2017

By OGJ editors

http://cdn.oas-c17.adnxs.com/RealMedia/ads/Creatives/default/empty.gif/0US crude oil stockpiles are continuing on a downward trend that began during the spring.

Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, fell 6.5 million bbl during the week ended Aug. 4 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 475.4 million bbl, inventories are in the upper half of the average range for this time of year. During the previous week, stockpiles were down 1.5 million bbl (OGJ Online, Aug. 2, 2017).

In separate data, the American Petroleum Institute estimated a 7.8 million bbl drop for the week ended Aug. 4, with gasoline inventories gaining 1.5 million bbl and distillate losing 157,000 bbl.

EIA also observed an increase in gasoline stockpiles, which rose in agency data by 3.4 million bbl and are in the upper half of the average range for this time of year. Both finished gasoline inventories and blending components inventories increased last week.

Distillate fuel inventories dropped 1.7 million bbl but are in the upper half of the average range for this time of year. Propane-propylene inventories remained unchanged and are in the lower half of the average range. Total commercial petroleum inventories decreased 4.6 million bbl.

US crude refinery inputs averaged 17.6 million b/d, up 166,000 b/d from the previous week’s average. Refineries operated at 96.3% of their operable capacity.

Both gasoline production and distillate fuel production increased last week to 10.3 million bbl and 5.3 million bbl, respectively.

US crude imports averaged 7.8 million b/d, down 491,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8 million b/d, down 4.9% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 1.1 million b/d. Distillate fuel imports averaged 41,000 b/d last week.