EIA's Weekly Crude Inventory Report 8-3-16
WTI crude oil futures initially gave back the pre-report gains, but quickly added them back following the EIA’s inventory report. The government reported that crude stocks had increased despite expectations and the API’s reports last night that crude stocks had been drawn down. The substantial draw down from gasoline inventories was the lone bright spot of the report, with distillates showing a surprise build as refiners hiked output. See last weeks report ( here).
U.S. crude oil refinery inputs averaged about 16.9 million barrels per day during the week ending July 29, 2016, 266,000 barrels per day more than the previous week’s average. Refineries operated at 93.3% of their operable capacity last week. Gasoline production decreased last week, averaging 10.0 million barrels per day. Distillate fuel production increased last week, averaging over 4.9 million barrels per day.
U.S. crude oil imports averaged over 8.7 million barrels per day last week, up by 301,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.3 million barrels per day, 10.4% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 637,000 barrels per day. Distillate fuel imports averaged 96,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.4 million barrels from the previous week. At 522.5 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories decreased by 3.3 million barrels last week, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories increased by 1.2 million barrels last week and are above the upper limit of the average range for this time of year. Propane/propylene inventories rose 0.3 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories increased by 2.1 million barrels last week.
Total products supplied over the last four-week period averaged about 20.5 million barrels per day, up by 0.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.8 million barrels per day, up by 2.2% from the same period last year. Distillate fuel product supplied averaged over 3.6 million barrels per day over the last four weeks, down by 1.9% from the same period last year. Jet fuel product supplied is up 2.9% compared to the same four-week period last year.
Access the complete report ( here )