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EIA: US Crude Inventories Down 8.0 Million bbl

 

US crude oil inventories for the week ended Jan. 1, excluding the Strategic Petroleum Reserve, decreased by 8.0 million bbl from the previous week, according to data from the US Energy Information Administration.

At 485.5 million bbl, US crude oil inventories are 9% above the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 4.5 million bbl and are at the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories increased by 6.4 million bbl and are about 4% above the 5-year average for this time of year.

Propane-propylene inventories decreased by 2.4 million bbl last week and are about 6% below the 5-year average for this time of year, EIA said.

US refinery inputs averaged 14.4 million b/d for the week ended Jan. 1, about 89,000 b/d more than the previous week’s average. Refineries operated at 80.7% of capacity.

Gasoline production decreased, averaging 8.0 million b/d. distillate fuel production increased, averaging 4.8 million b/d.

US crude oil imports averaged 5.4 million b/d, up 43,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.4 million b/d, 18.1% less than the same period last year. Total motor gasoline imports averaged 445,000 b/d. distillate fuel imports averaged 302,000 b/d.

Source: OGJ

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