US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 9.5 million bbl during the week ended Feb. 10 compared with the previous week’s total, the US Energy Information Administration reported.
At 518.1 million bbl, US crude inventories are above the upper limit of the average range for this time of year. It marked the sixth consecutive weekly increase according to the Petroleum Status Report (OGJ Online, Feb. 8, 2017).
A survey of analysts and traders conducted by The Wall Street Journal showed merely an expected 2.9 million-bbl rise. The American Petroleum Institute, meanwhile, estimated a 9.9 million-bbl increase for the week ended Feb. 10 (OGJ Online, Feb. 15, 2017).
Total motor gasoline inventories gained 2.8 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 dropped 700,000 bbl, but are above the upper limit of the average range for this time of year. Propane-propylene inventories fell 2.6 million bbl, but are in the middle of the average range. Total commercial petroleum inventories rose 11.1 million bbl.
US crude refinery inputs during the week ended Feb. 10 averaged 15.5 million b/d, down 435,000 b/d from the previous week’s average. Refineries operated at 85.4% of their operable capacity.
Production of both gasoline and distillate fuel decreased to 9 million b/d and 4.5 million b/d, respectively.
US crude imports averaged 8.5 million b/d, down 881,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.5 million b/d, up 9.9% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 604,000 b/d. Distillate fuel imports averaged 216,000 b/d last week.
