The impact of Hurricane Harvey is still being felt in US markets with crude oil inventories jumping and gasoline inventories diving for a second straight week (OGJ Online, Sept. 7, 2017).
US commercial crude inventories, excluding those in the Strategic Petroleum Reserve, increased 5.9 million bbl during the week ended Sept. 8 from the previous week’s total, the US Energy Information Administration reported.
At 468.2 million bbl, crude inventories remain in the upper half of the average range for this time of year, according to the Weekly Petroleum Status Report.
Total motor gasoline inventories dropped 8.4 million bbl last week but are in the upper limit of the average range for this time of year. Distillate fuel inventories decreased 3.2 million bbl but are in the middle of the average range for this time of year.
In its own estimate, the American Petroleum Institute reported US crude stockpiles rose 6.2 million bbl for the week ended Sept. 8, while gasoline stocks fell 7.9 million bbl.
EIA said propane-propylene inventories gained 2.3 million bbl last week and are in the middle of the average range. Total commercial petroleum inventories increased 1.7 million bbl.
US crude refinery inputs averaged 14.1 million b/d, down 394,000 b/d from the previous week’s average, EIA reported. Refineries operated at 77.7% of their operable capacity last week.
Gasoline production increased to 9.9 million b/d, while distillate fuel production decreased to 4 million b/d.
US crude imports averaged 6.5 million b/d, down 603,000 b/d from the previous week. Over the last 4 weeks, crude imports averaged about 7.6 million b/d, down 7.4% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 556,000 b/d. Distillate fuel imports averaged 136,000 b/d last week.
With onshore and offshore production ramping back up after Harvey, overall US crude output spiked 572,000 b/d last week to reach 9.353 million b/d, according to EIA’s preliminary estimate.