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US crude supply gains

Hydrocarbon Engineering,

The US EIA has released a petroleum status report for the week ending 11th October. According to the report, US commercial crude inventories increased by 4 million bbls last week, maintaining a total US commercial crude inventory of 374.5 million bbls. This remains at the upper end of the five year range for this time of year.

Crude product inventories

Gasoline inventories decreased by 2.6 million bbls last week, however, they remain near the top of the five year average. Motor gasoline supplied to the US market over the past four weeks averaged at 8.8 million bpd. Distillate inventories fell by 1.8 million bbls last week and are at the lower end of the average range. Over the last four weeks, distillate supplied to the US market averaged 3.7 million bpd, down 3.4% on the same time last year. Last week, distillate production totalled 4.8 million bpd.

Prices, imports and refineries

Over the last week crude imports averaged 8 million bpd, a drop of approximately 39 000 bpd from the previous week.

Refineries were running at an average of 86.2%, with daily input of 14.9 million bpd.

Crude oil was trading at US$ 100.10/bbl before the report was released on Monday and at US$ 101.81/bbl as prices closed. 

Adapted from a press release by Claira Lloyd

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