US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased by 4.6 million bbl for the week ended Dec. 22 from the previous week, the Energy Information Administration said.
The drop was more than expected. Analysts surveyed by the Wall Street Journal expected a drop of 3.7 million bbl. EIA released the Weekly Petroleum Status Report a day later than normal because of the Christmas holiday.
The latest estimated total of crude supplies was 431.9 million bbl, which EIA called the middle of the average range for this time of year. Total motor gasoline inventories increased by 600,000 bbl. Finished gasoline inventories decreased while blending components inventories increased.
Distillate fuel inventories increased by 1.1 million bbl. Propane-propylene inventories decreased by 2.7 million bbl.
US refinery inputs averaged 17.4 million b/d for the week ended Dec. 22, which was 335,000 b/d more than the previous week’s average. Refineries operated at 95.7% of capacity.
Gasoline production increased, averaging above 10.2 million b/d. Distillate fuel production increased, averaging 5.5 million b/d.
US crude oil imports averaged 8 million b/d, up by 159,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.6 million b/d, nearly 6% less than the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, for the week ended Dec. 22 averaged 388,000 b/d. Distillate fuel imports averaged 239,000 b/d.
