US commercial crude oil inventories have risen in 11 of the first 12 weeks of 2017 (OGJ Online, Mar. 22, 2017).
The US Energy Information Administration reported a 900,000-bbl increase during the week ended Mar. 24 from the previous week’s total. At 534 million bbl, US crude inventories are at the upper limit of the average range for this time of year.
Analysts surveyed by the Wall Street Journal expected EIA to report a 1 million-bbl gain for the week.
The American Petroleum Institute’s preliminary estimate, meanwhile, showed US oil stockpiles increased 1.9 million bbl.
EIA’s Weekly Petroleum Status Report indicated total motor gasoline inventories fell 3.7 million bbl last week but are in the upper half of the average range. Both finished gasoline inventories and blending components inventories declined.
Distillate fuel inventories dropped 2.5 million bbl but are in the upper half of the average range for this time of year. Propane-propylene inventories fell 1.5 million bbl but are in the middle of the average range. Total commercial petroleum inventories decreased 3.9 million bbl.
US crude refinery inputs during the week ended Mar. 24 averaged 16.2 million b/d, up 425,000 b/d from the previous week’s average. Refineries operated at 89.3% of their operable capacity.
Both gasoline production and distillate fuel production increased last week to 10 million b/d and 4.9 million b/d, respectively.
US crude oil imports averaged 8.2 million b/d, down 83,000 b/d from the previous week’s average. Over the last 4 weeks, crude oil imports averaged 8 million b/d, up 0.7% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 521,000 b/d. Distillate fuel imports averaged 115,000 b/d last week.