US crude oil inventories and gasoline stockpiles both dropped last week, according to US Energy Information Administration data.
US commercial oil inventories fell 2.4 million bbl during the week ended Oct. 27 compared with the previous week’s total, the Weekly Petroleum Status Report indicated.
At 454.9 million bbl, US crude inventories are in the upper half of the average range for this time of year. Last week, crude stockpiles posted a slight gain while gasoline inventories decreased (OGJ Online, Oct. 25, 2017).
Total motor gasoline inventories declined 4 million bbl last week but are in the middle of the average range. Both finished gasoline inventories and blending components inventories dropped.
Distillate fuel inventories fell 300,000 million bbl and are in the lower half of the average range for this time of year, EIA said.
The American Petroleum Institute separately reported US crude stockpiles last week dropped 5.1 million bbl, while gasoline inventories dived 7.7 million bbl and distillate inventories fell 3.1 million bbl.
EIA said US crude refinery inputs last week averaged 16 million b/d, down 10,000 barrels b/d from the previous week’s average. Refineries operated at 88.1% of their operable capacity.
Both gasoline production and distillate fuel production increased last week to 10.2 million b/d and 5 million b/d, respectively.
US crude imports averaged 7.6 million b/d, down 552,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.7 million b/d, remaining unchanged from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 540,000 b/d. Distillate fuel imports averaged 137,000 b/d last week.
US crude production last week gained 46,000 b/d to 9.55 million b/d, EIA also reported. Of the total increase, the Lower 48 contributed 43,000 b/d while Alaska accounted for 3,000 b/d.