EIA: US crude inventories down 8 million bbl

Nov. 4, 2020
US crude oil inventories for the week ended Oct. 30, excluding the Strategic Petroleum Reserve, decreased by 8.0 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended Oct. 30, excluding the Strategic Petroleum Reserve, decreased by 8.0 million bbl from the previous week, according to data from the US Energy Information Administration.

At 484.4 million bbl, US crude oil inventories are 7% above the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 1.5 million bbl and are about 4% above the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both increased last week. Distillate fuel inventories decreased by 1.6 million bbl and are about 18% above the 5-year average for this time of year.

Propane-propylene inventories decreased by 2.6 million bbl last week and are about 8% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 13.6 million b/d for the week ended Oct. 30, about 163,000 b/d more than the previous week’s average. Refineries operated at 75.3% of capacity.

Gasoline production decreased, averaging 9.1 million b/d. Distillate fuel production increased, averaging 4.3 million b/d.

US crude oil imports averaged 5.0 million b/d, down 600,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.3 million b/d, 15.4% less than the same period last year. Total motor gasoline imports averaged 630,000 b/d. Distillate fuel imports averaged 332,000 b/d.