EIA: US crude inventories rise in seventh straight week, but barely
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased 600,000 bbl during the week ended Feb. 17 from the previous week’s total, according to US Energy Information Administration data.
The agency’s Petroleum Status Report puts the country’s new total at 518.7 million bbl, which is above the upper limit of the average range for this time of year. US crude inventories have increased in 7 consecutive weeks. However, the 600,000-bbl gain is down markedly from the 13.8 million-bbl and 9.5 million-bbl jumps over the previous 2 weeks, respectively (OGJ Online, Feb. 15, 2017).
Analysts and traders surveyed by The Wall Street Journal collectively expected a 3.4 million-bbl rise for the week ended Feb. 17.
The American Petroleum Institute’s own estimate showed a decline of 884,000 bbl for the week, with gasoline supplies falling 893,000 bbl.
EIA reported that total motor gasoline inventories decreased 2.6 million bbl last week, but are at upper limit of the average range. Both finished gasoline inventories and blending components inventories dropped.
Distillate fuel inventories fell 4.9 million bbl, but are above the upper limit of the average range for this time of year. Propane-propylene inventories lost 3.3 million bbl, but are in the middle of the average range. Total commercial petroleum inventories decreased 11 million bbl.
US crude refinery inputs during the week ended Feb. 17 averaged 15.3 million b/d, down 187,000 b/d from the previous week’s average. Refineries operated at 84.3% of their operable capacity.
Gasoline production increased to 9.4 million b/d, while distillate fuel production decreased to 4.5 million b/d.
US crude imports averaged 7.3 million b/d, down 1.2 million b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.4 million b/d, up 7.5% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 367,000 b/d. Distillate fuel imports averaged 129,000 b/d last week.