US crude oil stockpiles have now increased in 12 of the last 13 weeks, according to US Energy Information Administration data (OGJ Online, Mar. 29, 2017).
Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, rose 1.6 million bbl during the week ended Mar. 31 from the previous week’s total. At 535.5 million bbl, US crude inventories are above the upper limit of the average range for this time of year, EIA said in its Weekly Petroleum Status Report.
A survey of analysts by the Wall Street Journal showed an expected 200,000-bbl drop for the week. Separate data from the American Petroleum Institute indicated stockpiles fell 1.8 million bbl.
EIA said total motor gasoline inventories last week decreased 600,000 bbl but are in the upper half of the average range. Finished gasoline inventories decreased while blending components inventories increased.
Distillate fuel inventories declined 500,000 bbl but are in the upper half of the average range for this time of year. Propane-propylene inventories fell 1.2 million bbl and are in the lower half of the average range. Total commercial petroleum inventories rose 1 million bbl.
US crude refinery inputs during the week ended Mar. 31 averaged 16.4 million b/d, up 203,000 b/d from the previous week’s average. Refineries operated at 90.8% of their operable capacity.
Gasoline production decreased to 9.5 million b/d, while distillate fuel production increased to 5 million b/d.
US crude imports averaged 7.9 million b/d, down 374,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.9 million b/d, up 2.3% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 607,000 b/d. Distillate fuel imports averaged 131,000 b/d last week.
