EIA: US crude stockpiles down 3.6 million bbl in third straight weekly drop

April 26, 2017
US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased 3.6 million bbl during the week ended Apr. 21 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased 3.6 million bbl during the week ended Apr. 21 compared with the previous week’s total, according to the US Energy Information Administration’s Weekly Petroleum Status Report.

At 528.7 million bbl, US crude inventories are near the upper limit of the average range for this time of year. Last week’s downward movement marked the third consecutive decline after stockpiles increased in 12 of the year’s first 13 weeks (OGJ Online, Apr. 19, 2017).

Analysts and traders surveyed by The Wall Street Journal projected the EIA would report a 600,000-bbl drop in crude supplies and a 900,000-bbl drop in gasoline supplies.

Separately, the American Petroleum Institute said its own estimates showed US crude inventories rose 900,000 bbl and gasoline supplies climbed 4.4 million bbl.

EIA said total motor gasoline inventories gained 3.4 million bbl last week and are near the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased.

Distillate fuel inventories climbed 2.7 million bbl and are in the upper half of the average range for this time of year. Propane-propylene inventories were unchanged and are in the lower half of the average range. Total commercial petroleum inventories gained 6.6 million bbl.

US crude refinery inputs during the week ended Apr. 21 averaged 17.3 million b/d, up 347,000 b/d from the previous week’s average. Refineries operated at 94.1% of their operable capacity.

Both gasoline production and distillate fuel production decreased last week to average 9.7 million b/d and 5.1 million b/d, respectively.

US crude imports averaged 8.9 million b/d, up 1.1 million b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.1 million b/d, up 4.9% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 916,000 b/d. Distillate fuel imports averaged 54,000 b/d last week.