The US EIA reported in its most recent weekly petroleum status report that US commercial crude inventories increased by 4.1 million bbls last week. This has brought the total US commercial crude inventory to 383.9 million bbls which is still above the upper limit of the five year range.
Oil product inventories
Gasoline inventories decreased by 1.7 million bbls last week and but are still near the upper half of the five year average. Over the past four weeks, total motor gasoline supplied has been at approximately 8.9 million bpd, an increase of 100 000 bpd from the previous average. Distillate inventories dropped by 3.1 million bbls last week and remain near the lower end of the five year average. Over the last four weeks, distillate product supplied has averaged 3.8 million bpd. Distillate production totalled 4.9 million bpd over the last week.
Prices, imports and utilisation
- Before the report was released crude was trading at US$ 97.15 /bbl and increased to US$ 97.30 /bbl shortly after its release.
- Over the last week crude imports have averaged 7.5 million bpd, a drop of nearly 200 000 bpd from the previous week.
- Refineries were running last week at 87.3% capacity with daily input of 15.1 million bpd.
- Gasoline at the pump prices have dropped slightly over the last week.
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