WTI crude oil lightly added onto this morning’s losses following the EIA’s inventory report which revealed that crude oil stocks increased, but in line with expectations and the API’s numbers last night. The highlight of the report was the substantial build in gasoline stocks for a second consecutive week despite a decline in output from refineries.
*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.
See previous crude oil reports ( here).
U.S. crude oil refinery inputs averaged over 16.0 million barrels per day during the week ending January 20, 2017, 421,000 barrels per day less than the previous week’s average. Refineries operated at 88.3% of their operable capacity last week. Gasoline production decreased last week, averaging over 8.8 million barrels per day. Distillate fuel production decreased last week, averaging 4.6 million barrels per day.
U.S. crude oil imports averaged over 7.8 million barrels per day last week, down by 568,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.1 million barrels per day, 4.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 593,000 barrels per day. Distillate fuel imports averaged 159,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.8 million barrels from the previous week. At 488.3 million barrels, U.S. crude oil inventories are near the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 6.8 million barrels last week, and are above the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories remained virtually unchanged last week and are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 4.0 million barrels last week but are in the upper half of the average range. Total commercial petroleum inventories increased by 8.9 million barrels last week.
Total products supplied over the last four-week period averaged about 19.0 million barrels per day, down by 2.6% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 8.3 million barrels per day, down by 4.7% from the same period last year. Distillate fuel product supplied averaged over 3.4 million barrels per day over the last four weeks, up by 1.3% from the same period last year. Jet fuel product supplied is down 3.4% compared to the same four-week period last year.
Complete report ( here )