Crude oil stockpiles in the US posted big gains during the week ended Feb. 3 in their fifth consecutive weekly increase (OGJ Online, Feb. 1, 2016).
Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, jumped 13.8 million bbl from the previous week’s total, according the US Energy Information Administration’s Weekly Petroleum Status Report.
At 508.6 million bbl, US crude inventories are above the upper limit of the average range for this time of year.
A survey of analysts and traders by the Wall Street Journal anticipated just a 2.5 million-bbl rise for the week. Separate data from the American Petroleum Institute showed a similarly large, 14.2 million-bbl jump.
Gasoline inventories down
Total motor gasoline inventories fell 900,000 bbl last week, but are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased.
Distillate fuel inventories remained unchanged last week and are above the upper limit of the average range for this time of year. Propane-propylene inventories fell 6.9 million bbl, but are in the middle of the average range. Total commercial petroleum inventories increased 1.4 million bbl.
US crude refinery inputs during the week ended Feb. 3 averaged 15.9 million b/d, down 54,000 b/d from the previous week’s average. Refineries operated at 87.7% of their operable capacity.
Both gasoline production and distillate fuel production increased to 9.8 million b/d and 4.8 million b/d, respectively.
US crude imports averaged 9.4 million b/d, up 1.1 million b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.5 million b/d, up 10% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 811,000 b/d. Distillate fuel imports averaged 209,000 b/d last week.
