EIA: US crude stocks down 7.4 million bbl

Jan. 4, 2018
US commercial crude oil inventories, which exclude the Strategic Petroleum Reserve, decreased by 7.4 million bbl during the week ended Dec. 29 from the previous week.

US commercial crude oil inventories, which exclude the Strategic Petroleum Reserve, decreased by 7.4 million bbl during the week ended Dec. 29 from the previous week.

The latest estimate is 424.5 million bbl, which puts oil in storage in the middle of the average range for this time of year, the US Energy Information Administration said.

EIA released its Weekly Petroleum Status Report a day later than normal because of the New Year’s holiday.

The report also said total motor gasoline inventories increased by 4.8 million bbl. Finished gasoline inventories and blending-component stocks increased last week. Distillate fuel inventories increased by 8.9 million bbl last week, which puts supplies in the middle range for this time of year.

Propane-propylene inventories decreased by 700,000 bbl, in the middle of the average range, EIA said.

US refinery inputs averaged 17.6 million b/d for the week ended Dec. 29, 210,000 b/d more than the previous week’s average. Refineries operated at 96.7% of capacity.

Gasoline production decreased, averaging 9.7 million b/d. Distillate fuel production increased, averaging 5.6 million b/d.

US crude oil imports averaged 8.0 million b/d, down by 27,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.8 million b/d, 0.1% less than the same period last year. Total motor gasoline imports averaged 349,000 b/d. Distillate fuel imports averaged 129,000 b/d.