WTI crude oil sunk slightly following the inventory report, adding to the marginal losses seen ahead of the release. The government’s report showed a larger-than-expected increase in crude oil as well as surprise increases in both crude products as refiners unexpectedly and substantially ramped up production.
*Important Disclaimer: Beginning ON 10/13/16 the EIA will no longer include crude oil lease stocks in U.S. total commercial crude oil inventory data. Crude oil lease stocks refer to oil (currently about 31 million barrels) that is stored in tanks at sites across the United States where producers are drilling on leased land. Lease stocks are not yet available for commercial use, and in many cases, operators do not count them as production until the oil is transferred off the lease.
Crude oil inventories increased by 5.3 million barrels.
Gasoline inventories increased by 700,000 barrels.
Distillate inventories increased by 300,000 barrels.
Domestic production decreased by 11,000 bpd.
Net Imports increased by 910,000 bpd.
A large build in crude oil stocks, mostly in light of higher refinery utilization rates. Gasoline and distillate inventories increased moderately. Net imports are at normal levels.
See previous crude oil reports ( here).
U.S. crude oil refinery inputs averaged over 16.1 million barrels per day during the week ending November 11, 2016, 309,000 barrels per day more than the previous week’s average. Refineries operated at 89.2% of their operable capacity last week. Gasoline production decreased last week, averaging about 10.2 million barrels per day. Distillate fuel production increased last week, averaging 5.0 million barrels per day.
U.S. crude oil imports averaged over 8.4 million barrels per day last week, up by 981,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 8.0 million barrels per day, 12.6% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 821,000 barrels per day. Distillate fuel imports averaged 169,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.3 million barrels from the previous week. At 490.3 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 0.7 million barrels last week, and are well above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels last week and are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.2 million barrels last week and are near the upper limit of the average range. Total commercial petroleum inventories increased by 7.1 million barrels last week.
Total products supplied over the last four-week period averaged about 20.0 million barrels per day, up by 1.1% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.2 million barrels per day, down by 0.3% from the same period last year. Distillate fuel product supplied averaged 4.0 million barrels per day over the last four weeks, down by 1.4% from the same period last year. Jet fuel product supplied is up 3.0% compared to the same four-week period last year.
Complete report ( here )