Crude Stockpiles See Largest Draw In Two Years: EIA

July 11, 2018

 

US commercial crude inventories decreased by 12.6 million barrels last week (measured against the previous week), the largest one week draw since September 2016, according to a report Wednesday from the Energy Information Administration.

That brings oil inventories to their lowest level since February 2015.

At 405.2 million barrels, U.S. crude oil inventories are about 4% below the five year average for this time
of year, the EIA said.

Some analysts predicted a decline of 230,000 barrels per day in crude oil inventories; yesterday, the American Petroleum Institute said inventories were down by about 6.8 million barrels.

Gasoline stockpiles were down 700,000 barrels, the EIA said Wednesday.

Distillate fuel inventories increased by 4.1 million barrels last week.

Propane/propylene stockpiles were up by 2.4 million barrels.

U.S. crude production has been flat for a month, which is likely a reflection of lack of pipeline capacity in the Permian Basin.

Oil refinery inputs averaged 17.7 million barrels per day during the week, 1,000 barrels per day less than the previous week’s average. Refineries operated at 96.7% of their operable capacity.

U.S. crude oil imports averaged 7.4 million barrels per day last week, down by 1,624,000
barrels per day from the previous week.