US Crude Inventories Decrease Whilst Motor Gasoline Inventories Rise
US crude exports averaged 1.798M b/d during the week ending 13 October 2017, up 41% or 528,000 b/d w-o-w and a more than 300% rise y-o-y according to the US Energy Information Administration (EIA). The US has recently emerged as a significant crude exporter, with an average of 1.636M b/d in daily exports during the last four weeks, over 1100 b/d more than the same four week period last year. Meanwhile, crude imports averaged 7.483M b/d last week, down 1.8% or 134,000 b/d w-o-w but still up by 8.3% or 576,000 b/d y-o-y. Over the last four weeks, crude oil imports averaged over 7.40M b/d, down 1.9% from the same four-week period last year.
US Crude oil inventories decreased by 1.2% or 5.7M barrels w-o-w at 465.5M barrels, but still near the upper limit of the average range for this time of the year. Crude oil refinery throughput was at 15.439M b/d last week, down 5% or 819,000 b/d w-o-w but marginally up by 69,000 b/d y-o-y, with refineries operating at 84.5% of their available capacity compared to last week’s 89.2%. Primary reasons behind the drop in throughput and operable capacity were the impact of Hurricane Nate in the Gulf of Mexico as well as the autumn maintenance season ramping up.
Gasoline production increased last week, averaging over 10M b/d, while inventories of motor gasoline rose by 0.9M barrels w-o-w at 222.3M barrels, following last week’s 2.9M barrel rise, and are well in the upper half of the average range for this time of the year.