U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) for the week ended No. 15, increased by 1.4 million barrels from the previous week – the fourth consecutive week of increases, but the smallest of the four, Kallanish Energy calculates.
The add was down substantially from projections, particularly the American Petroleum Institute, which forecast a week-to-week increase of 6 million barrels (Mmbbl).
At 450.4 million barrels, U.S. crude oil inventories at Nov. 15, were roughly 3% above the five-year average for mid-November, the Energy Information Administration reported.
US crude inventories rise for 4th straight week
|Week ended||Crude in inventory||Change from previous week|
|Nov. 15||450.38 million barrels||1.38 million barrels|
|Nov. 8||449.00 Mmbbl||2.22 Mmbbl|
|Nov. 1||446.78 Mmbbl||7.93 Mmbbl|
|Oct. 25||438.85 Mmbbl||5.70 Mmbbl|
|Oct. 18||433.15 Mmbbl||(1.70 Mmbbl)|
(Source: Energy Information Administration)
Gasoline production decreased last week, averaging 10.1 million barrels per day (Mmbpd). Distillate fuel production increased last week, averaging 5.1 Mmbpd.
U.S. crude oil refinery inputs averaged 16.4 Mmbpd during the week, 519,000 Bpd more than the average for the week ended Nov. 8. Refineries operated at 89.5% of their operable capacity last week.
U.S. crude oil imports averaged 6.0 Mmbpd last week, up by 222,000 Bpd from the previous week. Over the past four weeks, crude oil imports averaged roughly 6.1 Mmbpd, 18.0% less than the same four-week period in 2018.
Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 515,000 Bpd, and distillate fuel imports averaged 315,000 Bpd, EIA reported.
Total motor gasoline inventories increased by 1.8 Mmbbl last week and are roughly 2% above the five-year average for this time of year. Finished gasoline inventories decreased while blending components inventories increased.
Distillate fuel inventories decreased by 1.0 Mmbbl last week and are about 11% below the five-year average for mid-November.
This post appeared first on Kallanish Energy News.