WTI crude oil futures pared back on earlier losses but stayed in negative territory following the EIA’s inventory report which revealed a surprise draw crude stocks. The report also reported a larger-than-expected draw in gasoline inventories and an unexpected build in distillate stocks as refineries hiked output, keeping gains in check. See last weeks report ( here).
SUMMARY:
U.S. crude oil refinery inputs averaged about 16.9 million barrels per day during the week ending August 12, 2016, 268,000 barrels per day more than the previous week’s average. Refineries operated at 93.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging over 4.9 million barrels per day.
U.S. crude oil imports averaged 8.2 million barrels per day last week, down by 211,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.4 million barrels per day, 11.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 610,000 barrels per day. Distillate fuel imports averaged 92,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.5 million barrels from the previous week. At 521.1 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories decreased by 2.7 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 1.9 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.8 million barrels last week and are at the upper limit of the average range. Total commercial petroleum inventories increased by 1.3 million barrels last week.
Total products supplied over the last four-week period averaged about 20.8 million barrels per day, up by 1.4% 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 1.7% from the same period last year. Distillate fuel product supplied averaged over 3.7 million barrels per day over the last four weeks, up by 0.3% from the same period last year. Jet fuel product supplied is up 6.0% compared to the same four-week period last year.
Access the complete report ( here )