US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 7.6 million bbl during the week ended July 7 compared with the previous week’s total, the US Energy Information Administration reported.
At 495.4 million bbl, US crude stockpiles are in the upper half of the average range for this time of year. Over the past 2 weeks combined, stockpiles have fallen by about 14 million bbl, according to the Weekly Petroleum Status Report (OGJ Online, July 6, 2017).
A survey of analysts by The Wall Street Journal showed an expected 3.2 million-bbl decline in the EIA report.
In its own data, the American Petroleum Institute indicated US crude stockpiles dropped 8.1 million bbl during the week, with gasoline inventories falling 800,000 bbl and distillate inventories rising 2.1 million bbl.
EIA said total motor gasoline inventories decreased 1.6 million bbl during the week but are in the upper half of the average range. Finished gasoline inventories increased while blending components inventories fell.
Distillate fuel inventories increased 3.1 million bbl and are above the upper limit of the average range for this time of year. Propane-propylene inventories rose 1.7 million bbl but are in the lower half of the average range. Total commercial petroleum inventories lost 3.9 million bbl.
US crude refinery inputs averaged 17.2 million b/d, up 103,000 b/d from the previous week’s average. Refineries operated at 94.5% of their operable capacity.
Both gasoline production and distillate fuel production climbed to averages of 10.5 million b/d and 5.3 million b/d, respectively.
US crude imports averaged 7.6 million b/d, down 132,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, down 3% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 528,000 b/d. Distillate fuel imports averaged 125,000 b/d last week.
