US crude inventories jump in new EIA survey

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) for the week ended Feb. 7, increased by 7.46 million barrels (Mmbbl) from the previous week, the Energy Information Administration reported Wednesday.

At 442.47 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early February, Kallanish Energy reports.

U.S. crude oil refinery inputs averaged 16.0 million barrels per day (Mmbpd) during last week, which was 48,000 Bpd more than the previous week’s average. Refineries operated at 88.0% of their operable capacity last week.

Gasoline production decreased for the week ended Feb. 7, averaging 9.2 Mmbpd. Distillate fuel production fell last week, averaging 4.8 Mmbpd.

                                                                                  US crude oil inventories jump in latest EIA survey

Week ended Crude in storage Change from previous week
Feb. 7 442.47 million barrels 7.46 million barrels
Jan. 31 435.01 Mmbbl 3.36 Mmbbl
Jan. 24 431.65 Mmbbl 3.55 Mmbbl
Jan. 17 428.11 Mmbbl (0.41 Mmbbl)
Jan. 10 428.51 Mmbbl (3.55 Mmbbl)

                                                                                                                                                                                                         (Source: Energy Information Administration)

U.S. crude oil imports averaged 7.0 Mmbpd last week, up 363,000 Bpd from the previous week, EIA found. Over the past four weeks, crude oil imports averaged roughly 6.7 Mmbpd, down 6.8% from the same four-week period in 2019.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 406,000 Bpd, and distillate fuel imports averaged 102,000 Bpd.

Total commercial petroleum inventories decreased last week by 1.0 Mmbbl. Total products supplied over the last four-week period averaged 20.7 Mmbpd, down 0.3% from the same period last year. Over the past four weeks, motor gasoline product supplied averaged 8.8 Mmbpd, down 2.9% from the same four weeks in 2019.

Total motor gasoline inventories decreased by 0.1 Mmbbl last week, and are roughly 3% above the five-year average for this time of year, according to EIA.

Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories fell by 2.0 Mmbbl last week and are roughly 5% below the five-year average for early February.

This post appeared first on Kallanish Energy News.