EIA: US crude stocks climb 8.2 million bbl in 9th straight weekly rise

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 8.2 million bbl during the week ended Mar. 3 compared with the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.

At 528.4 million bbl, US crude inventories are above the upper limit of the average range for this time of year. Stockpiles have now risen in 9 consecutive weeks (OGJ Online, Mar. 1, 2017).

Analysts and traders surveyed by the Wall Street Journal expected a 1.7 million-bbl increase. The American Petroleum Institute’s preliminary estimate, meanwhile, indicated inventories jumped 11.6 million bbl.

EIA reported total motor gasoline inventories dropped 6.6 million bbl last week but are near the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased.

Distillate fuel inventories declined 2.7 million bbl but are near the upper limit of the average range for this time of year. Propane-propylene inventories fell 4.1 million bbl but are in the middle of the average range. Total commercial petroleum inventories fell 2.4 million bbl last week.

US crude refinery inputs during the week ended Mar. 3 averaged 15.5 million b/d, down 172,000 b/d from the previous week’s average. Refineries operated at 85.9% 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 8.2 million b/d, up 561,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.9 million b/d, down 1.7% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 242,000 b/d. Distillate fuel imports averaged 266,000 b/d last week.