EIA: US crude, gasoline stockpiles up in 3 straight weeks to begin 2017

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 2.8 million bbl during the week ended Jan. 20 compared with the previous week’s total, the US Energy Information Administration said in its latest Petroleum Status Report.

At 488.3 million bbl, US crude inventories are near the upper limit of the average range for this time of year. EIA reported a 2.3 million-bbl increase for the previous week (OGJ Online, Jan. 19, 2017).

Traders and analysts surveyed by The Wall Street Journal anticipated a 2.1 million-bbl rise during the week ended Jan. 20.

The American Petroleum Institute, meanwhile, estimated a 2.9 million-bbl increase for the week.

Total motor gasoline inventories climbed 6.8 million bbl, and are above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased.

Distillate fuel inventories remained virtually unchanged last week, and are above the upper limit of the average range for this time of year. Propane-propylene inventories fell 4 million bbl, but are in the upper half of the average range. Total commercial petroleum inventories gained 8.9 million bbl.

US crude refinery inputs averaged 16 million b/d, down 421,000 b/d from the previous week’s average. Refineries operated at 88.3% of their operable capacity.

Both gasoline production and distillate fuel production decreased to 8.8 million b/d and 4.6 million b/d, respectively.

US crude imports averaged 7.8 million b/d, down 568,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.1 million b/d, up 4.3% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 593,000 b/d. Distillate fuel imports averaged 159,000 b/d last week.