EIA's Weekly Crude Inventory Report 9-28-16
WTI crude oil futures added lightly to the gains from this morning following the government’s inventory report which revealed mixed results last week. Crude oil and distillate stocks were surprisingly lower than expected, while gasoline inventories added more than expected despite a large pull back in output from refiners.
Global Storage continues to decrease.
Crude draws 1.882 million bbls.
Refineries slowing down.
See last weeks report ( here).
U.S. crude oil refinery inputs averaged over 16.3 million barrels per day during the week ending September 23, 2016, 253,000 barrels per day less than the previous week’s average. Refineries operated at 90.1% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.6 million barrels per day. Distillate fuel production decreased last week, averaging 4.7 million barrels per day.
U.S. crude oil imports averaged over 7.8 million barrels per day last week, down by 474,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.8 million barrels per day, 6.5% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 778,000 barrels per day. Distillate fuel imports averaged 144,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.9 million barrels from the previous week. At 502.7 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories increased by 2.0 million barrels last week, and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories decreased by 1.9 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.5 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories remained unchanged from last week.
Total products supplied over the last four-week period averaged over 20.0 million barrels per day, up by 2.7% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.4 million barrels per day, up by 3.6% from the same period last year. Distillate fuel product supplied averaged over 3.5 million barrels per day over the last four weeks, down by 6.4% from the same period last year. Jet fuel product supplied is up 0.9% compared to the same four-week period last year.
Complete report ( here )