EIA: Up 3.3 million bbl, US crude stocks end streak of declines

US crude oil stockpiles recorded their first increase last week in 2 months.

Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, increased 3.3 million bbl during the week ended June 2 from with the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.

At 513.2 million bbl, US crude inventories are in the upper half of the average range for this time of year. Stocks fell 6.4 million bbl 2 weeks ago, EIA reported (OGJ Online, May 31, 2017).

Separate estimates from the American Petroleum Institute for the week ended June 2 show a 4.6 million-bbl drop in crude stocks but a 4.1 million-bbl jump in gasoline supplies.

EIA said total motor gasoline inventories climbed 3.3 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 rose 4.4 million bbl and are near the upper limit of the average range for this time of year. Propane-propylene inventories gained 3.3 million bbl but are in the lower half of the average range. Total commercial petroleum inventories increased 15.5 million bbl.

US crude refinery inputs last week averaged 17.2 million b/d, down 283,000 b/d from the previous week’s average. Refineries operated at 94.1% of their operable capacity.

Gasoline production decreased to average 9.9 million b/d. Distillate fuel production increased to average 5.3 million b/d.

US crude imports averaged 8.3 million b/d, up 356,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.3 million b/d, up 8.8% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 787,000 b/d. Distillate fuel imports averaged 152,000 b/d last week.