EIA: US crude inventories fall 7.2 million bbl

July 26, 2017
US commercial crude oil inventories dropped 7.2 million bbl during the week ended July 21 compared with the previous week’s total, according to data from the US Energy Information Administration.

US commercial crude oil inventories dropped 7.2 million bbl during the week ended July 21 compared with the previous week’s total, according to data from the US Energy Information Administration.

At 483.4 million bbl, US crude inventories are in the upper half of the average range for this time of year, the Weekly Petroleum Status Report indicates. For the week ended July 14, EIA reported a 4.7 million-bbl decline (OGJ Online, July 19, 2017).

The American Petroleum Institute’s separate estimate of US crude stockpiles showed a dive of 10.2 million bbl for the week ended July 21. API also reported a 1.9 million-bbl increase in gasoline inventories and 111,000-bbl decrease in distillate inventories.

EIA reported a decline in total motor gasoline inventories of 1 million bbl, but they remain in the upper half of the average range for this time of year. Both finished gasoline inventories and blending components inventories decreased.

Distillate fuel inventories lost 1.9 million bbl but are near the upper limit of the average range for this time of year. Propane-propylene inventories increased 200,000 bbl but are in the lower half of the average range. Total commercial petroleum inventories fell 9.4 million bbl.

US crude refinery inputs averaged 17.3 million b/d, up 166,000 b/d from the previous week’s average. Refineries operated at 94.3% of their operable capacity.

Both gasoline production and distillate fuel production increased to 10.4 million b/d and 5.1 million b/d, respectively.

US crude imports averaged 8 million b/d, up 48,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.8 million b/d, down 4.2% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 723,000 b/d. Distillate fuel imports averaged 130,000 b/d last week.

EIA's preliminary estimate of overall US crude production for the week ended July 21 shows a drop of 19,000 b/d to 9.41 million b/d, reflecting Alaska’s 54,000 b/d loss that was partly offset by the Lower 48’s 35,000 b/d gain.