The US Energy Information Administration’s Petroleum Status Report has now shown eight consecutive weekly increases in US commercial crude oil inventories (OGJ Online, Feb. 23, 2017).
Excluding those in the Strategic Petroleum Reserve, US crude stockpiles rose 1.5 million bbl during the week ended Feb. 24 compared with the previous week’s total. At 520.2 million bbl, US crude inventories are above the upper limit of the average range for this time of year.
The rise, however, is lower than the 2.4 million-bbl increase projected in a survey of analysts and traders by The Wall Street Journal, as well as the 2.5 million-bbl increase in separate data from the American Petroleum Institute.
Total motor gasoline inventories fell 500,000 last week, but are above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased.
Distillate fuel inventories dropped 900,000 bbl, but are above the upper limit of the average range for this time of year.
Propane-propylene inventories declined 500,000 bbl, but are in the upper half of the average range. Total commercial petroleum inventories increased 300,000.
US crude refinery inputs during the week ended Feb. 24 averaged 15.7 million b/d, up 393,000 b/d from the previous week’s average. Refineries operated at 86.0% of their operable capacity.
Both gasoline production and distillate fuel production increased to 9.5 million b/d and 4.8 million b/d, respectively.
US crude imports averaged 7.6 million b/d, up 303,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.2 million b/d, up 5.1% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 457,000 b/d. Distillate fuel imports averaged 210,000 b/d last week.
