US Crude Inventories Decrease, Motor Gasoline Inventories Rise
US crude oil refinery throughput was at 16.258M b/d during the week ending September 29, 2017, up 1.4% or 229,000 b/d w-o-w and 4.5% or 706,000 b/d y-o-y, with refineries operating at 89.2% of their available capacity compared to last week’s 88.1%, according to the US Energy Information Administration (EIA). US crude imports averaged 7.617M b/d last week, up 5.6% or 403,000 b/d w-o-w but down 3.1% or 244,000 b/d y-o-y. Over the last four weeks, crude oil imports averaged 7.40M b/d, down 6.6% from the same four-week period last year.
The American Petroleum Institute estimated a 3.1M barrel w-o-w increase in US crude oil inventories on Tuesday, which sparked a decrease in oil prices, with Brent futures trading at $56.58 per barrel on Wednesday at 0647 GMT, down 36 cents from their previous close, Reuters reports. On Thursday, the EIA released official US data suggesting that crude oil inventories had in fact dropped by 0.3% or 2.8M barrels w-o-w at 462.2M barrels, down 2.9% y-o-y, however, still near the upper limit of the average range for this time of the year.
Gasoline production increased last week, averaging more than 10M b/d, while inventories of motor gasoline rose by 1.1% or 2.5M barrels w-o-w at 221.4M barrels and are in the upper half of the average range for this time of the year.