EIA's Weekly Crude Oil Inventory Report 2-15-17
WTI crude oil futures slightly pared back on this morning’s slim losses despite the EIA confirming the larger-than-expected build that was reported on by the API last night. The report also showed a surprise large build in gasoline stocks despite refineries pulling back on output more than expected.
*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 about 15.5 million barrels per day during the week ending February 10, 2017, 435,000 barrels per day less than the previous week’s average. Refineries operated at 85.4% of their operable capacity last week. Gasoline production decreased last week, averaging about 9.0 million barrels per day. Distillate fuel production decreased last week, averaging over 4.5 million barrels per day
U.S. crude oil imports averaged 8.5 million barrels per day last week, down by 881,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, 9.9% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 604,000 barrels per day. Distillate fuel imports averaged 216,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.5 million barrels from the previous week. At 518.1 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 2.8 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 0.7 million barrels last week but are above the upper limit of the average range for this time of year. Propane/propylene inventories fell 2.6 million barrels last week but are in the middle of the average range. Total commercial petroleum inventories increased by 11.1 million barrels last week.
Total products supplied over the last four-week period averaged about 19.4 million barrels per day, down by 2.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 8.4 million barrels per day, down by 5.3% from the same period last year. Distillate fuel product supplied averaged 3.8 million barrels per day over the last four weeks, up by 7.4% from the same period last year. Jet fuel product supplied is down 3.3% compared to the same four-week period last year.
Complete report ( here )
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