WTI crude oil futures added onto earlier losses following the EIA’s weekly inventory report which confirmed last night’s API report of substantially larger than expected builds within crude oil stocks. Meanwhile, gasoline inventories came in around where they were expected and distillate futures showed minimal changes despite refineries pulling back on output.
*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).
SUMMARY:
U.S. crude oil refinery inputs averaged 15.9 million barrels per day during the week ending February 3, 2017, 54,000 barrels per day less than the previous week’s average. Refineries operated at 87.7% of their operable capacity last week. Gasoline production increased last week, averaging 9.8 million barrels per day. Distillate fuel production increased last week, averaging 4.8 million barrels per day.
U.S. crude oil imports averaged about 9.4 million barrels per day last week, up by 1.1 million barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 8.5 million barrels per day, 10.0% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 811,000 barrels per day. Distillate fuel imports averaged 209,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 13.8 million barrels from the previous week. At 508.6 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 decreased by 0.9 million barrels last week, but are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories remained unchanged last week and are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 6.9 million barrels last week but are in the middle of the average range. Total commercial petroleum inventories increased by 1.4 million barrels last week.
Total products supplied over the last four-week period averaged about 19.9 million barrels per day, up by 0.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 8.3 million barrels per day, down by 6.0% from the same period last year. Distillate fuel product supplied averaged about 3.9 million barrels per day over the last four weeks, up by 7.6% from the same period last year. Jet fuel product supplied is up 6.4% compared to the same four week period last year
Complete report ( here )
