EIA reports 5.7 million-bbl decline in US crude stockpiles

For a fourth straight week, US crude oil stockpiles fell while gasoline inventories climbed, data from the US Energy Information Administration indicates.

For a fourth straight week, US crude oil stockpiles fell while gasoline inventories climbed, data from the US Energy Information Administration indicates (OGJ Online, Oct. 11, 2017).

Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, declined 5.7 million bbl during the week ended Oct. 13 compared with the previous week’s total.

At 456.5 million bbl, US crude inventories are near the upper limit of the average range for this time of year, according to the Weekly Petroleum Status Report.

Total motor gasoline inventories rose 900,000 bbl last week and are in the upper half of the average range. Finished gasoline inventories increased while blending components inventories decreased.

Distillate fuel stocks gained 500,000 bbl and are in the lower half of the average range for this time of year.

Separate data from the American Petroleum Institute showed a 7.1 million-bbl climb in crude stockpiles along with a 1.9 million-bbl rise in gasoline inventories and 1.6 million-bbl rise in distillate inventories.

EIA reported that US crude refinery inputs last week averaged 15.4 million b/d, down 819,000 b/d from the previous week’s average. Refineries operated at 84.5% of their operable capacity.

Gasoline production increased to 10 million b/d. Distillate fuel production decreased to 4.8 million b/d.

US crude imports averaged 7.5 million b/d, down 134,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.4 million b/d, down 1.9% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 690,000 b/d. Distillate fuel imports averaged 107,000 b/d last week.

Gulf of Mexico production shut-ins caused by Hurricane Nate resulted in a 1.07 million-bbl drop in average US crude production last week to 8.41 million bbl. At peak of the event, 92% of US gulf oil production was shut, according to operator reports from the US Bureau of Safety and Environment Enforcement.

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