According to the latest US EIA weekly petroleum status report, US commercial crude inventories increased by 1.6 million bbls last week. This rise maintains a total US commercial crude inventory of 385.4 million bbls, which remains above the upper limit of the fiver year average for this time of year.
Gasoline inventories decreased last week by 3.8 million bbls but are still in the upper half of the five year range. Motor gasoline supplied averaged over 9.1 million bpd over the past week, up 200 000 bpd from the previous weekly average and up 5.4% year on year. Distillate inventories fell last week by 4.9 million bbls to the lower end of the five year range. Distillate product supplied averaged over 3.9 million bpd over the last four weeks. Distillate production reached over 4.9 million bpd last week, flat with the previous week.
Prices, imports and refineries
- Before the report was released crude was trading at US$ 94.22 /bbl and rose to US$ 97.54 /bbl after.
- Crude imports averaged 7.2 million bpd last week, down approximately 300 000 bpd on the previous week.
- Refineries were running at 86.8% capacity with an output of 15.1 million bpd.
- Gasoline prices at the pump slipped slightly over the past week.
Adapted from press release by Claira Lloyd