US crude oil inventory movements

On Wednesday 2^nd October, the US EIA released its weekly petroleum status report. Crude inventories in the US have increased by 5.5 million bbls in the last week, maintaining a total commercial crude inventory of 363.7 million bbls, and they remain at the upper end of the five year range for this time of year.

Crude product inventories

Gasoline inventories increased by 3.5 million bbls in the last week and remain in the upper half of the five year range. Total motor gasoline supplied averaged 8.8 million bpd over the last four weeks.

Distillate inventories fell by 1.7 million bbls over the last week and remain ner the lower limit of the average five year range. Distillate product supplied averaged 3.7 million bpd over the past four weeks. This is an increased of 1.6% year on year. Over the last week, distillate production was approximately 4.9 million bpd.

Prices, exports and refineries

Before the EIA report was released, crude was trading at US$ 102.60 /bbl and slipped to US$ 102.30 after.

Over the last week, crude imports averaged 8.4 million bpd, up to 438 000 bpd week on week. Refineries were running at an average of 89% capacity with a daily input of 15.4 million bpd, approximately 146 000 bpd lower week on week.

American Petroleum Institute figures

The API has said that crude inventories raised 4.55 million bbls over the past week. Gasoline supplies rose by 3.26 million bbls and distillate decreased by 1.57 million bbls. 

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/03102013/crude_oil_movements_us712/