EIA: Crude, Gasoline Stocks Rise

EIA: Crude, Gasoline Stocks Rise

OAKHURST, N.J. (DTN) --- The Energy Information Administration today reported a larger-than-expected crude supply build during the week-ended April 22 while also detailing a surprise gasoline inventory build and a better-than-forecast distillates stock draw.

U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, rose 2.0 million bbl to 540.6 million bbl during the week profiled, historically high levels for this time of year and a 10.1% year-over-year supply surplus. Those surveyed by Schneider Electric called for a build of 1.2 million bbl.

At the Cushing supply hub in Oklahoma, crude inventories rose to 66.0 million bbl from 64.3 million bbl the week prior, EIA data shows. Analysts called for a draw of 200,000 bbl.

U.S. crude oil imports averaged about 7.6 million bpd last week, a drop of 673,000 bpd from week prior. Over the last four weeks, crude oil imports averaged over 7.7 million bpd, 1.2% above the same four-week period last year.

EIA reports U.S. crude oil refinery inputs averaged over 15.8 million bpd during the week-ended April 22, 257,000 bpd less than the previous week's average. Refineries operated at 88.1% of their operable capacity, down from 89.4% the previous week.

The agency reports total motor gasoline inventories posted a 1.6 million bbl build to 241.3 million bbl last week, well above the upper limit of the average range. Those surveyed by Schneider Electric called for a 1.3 million bbl drop. Finished gasoline inventories decreased while blending components inventories increased last week.

Overall motor gasoline production dropped 231,000 bpd on the week to 9.507 million bpd, 1.4% above the same week in 2015. EIA reports imports of the fuel, which include both finished gasoline and gasoline blending components, rose 107,000 bpd last week to 898,000 bpd.

The agency reports implied gasoline demand continued lower, falling 129,000 bpd during the week-ended April 22 to 9.315 million bpd, which is 4.4% higher than the same week a year ago. Over the last four weeks, motor gasoline product supplied averaged 9.4 million bpd, up 5.6% from the same period last year.

Data shows distillate fuel inventories dropped 1.7 million bbl to 158.2 million bbl last week but are more than 22% above the same week a year ago. Analysts surveyed by Schneider Electric called for a draw of 1.2 million bbl.

Distillate fuels production declined, down 90,000 bpd last week to 4.622 million bpd, 4.4% lower than the same week in 2015. Imports of the fuel jumped 117,000 bpd to 207,000 bpd last week.

The agency reports implied demand for distillates dropped 154,000 bpd to 4.122 million bpd during the week-ended April 22, 3.2% higher than the same week in 2015. Distillate fuel product supplied averaged about 4.0 million bpd over the last four weeks, down 0.1% from the same period last year.

EIA reports total commercial petroleum inventories increased 5.2 million bbl last week. Total products supplied over the last four-week period averaged 20.0 million bpd, up 4.0% from the same period last year. Jet fuel product supplied is down 0.5% compared to the same four-week period last year.

(CZ)