EIA's Weekly Crude Inventory Report 8-24-16
WTI crude oil futures fell further into the red following the EIA’s weekly inventory report which confirmed last night’s API reading of a substantial build in crude stocks despite expectations for a light draw. Gasoline and distillate stocks were marginally higher on the week, contradicting expectations as refiners pulled back on output, also surprising analysts. See last weeks report ( here).
U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending August 19, 2016, 186,000 barrels per day less than the previous week’s average. Refineries operated at 92.5% of their operable capacity last week. Gasoline production decreased last week, averaging over 10.0 million barrels per day. Distillate fuel production decreased last week, averaging over 4.8 million barrels per day.
U.S. crude oil imports averaged over 8.6 million barrels per day last week, up by 449,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, 13.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 801,000 barrels per day. Distillate fuel imports averaged 224,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.5 million barrels from the previous week. At 523.6 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories remained unchanged last week, and 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 0.1 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories rose 2.4 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories increased by 6.6 million barrels last week.
Total products supplied over the last four-week period averaged about 20.8 million barrels per day, up by 2.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.7 million barrels per day, up by 1.8% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the last four weeks, unchanged from the same period last year. Jet fuel product supplied is up 4.7% compared to the same four-week period last year.
Complete report ( here )