The latest US EIA weekly petroleum status report has revealed that commercial crude inventories increased by 2.6 million bbls last week. This has maintained a total commercial inventory of 388.1 million bbls. This remains above the upper limit for the five year average.
Oil product inventories
Gasoline inventories decreased last week by 800 000 bbls. Motor gasoline supplied averaged 9 million bpd over the past four weeks. This is down 100 000 bpd on the previous four week period. Distillate inventories fell by 5 million bbls last week and are near the lower edge of the five year range. Over the past four weeks distillate supply has been approximately 3.9 million bpd. Over the pat week distillate production reached 4.9 million bpd.
Prices, imports and refining
Before the release of the report, crude prices sat at US$ 93.10 /bbl. After the release the price slipped to US$ 92.50 /bbl. Crude imports averaged 7.8 million bpd over the last week and refining capacity was at 88.7%.
Adapted from press release by Claira Lloyd