Email
Print 
Bookmark
The Energy Information Administration reported today that U.S. crude inventories rose by 2 million barrels (2MMbbls) for the week ended Sept. 4, on the heels of six consecutive weekly declines. This is in stark contrast to the 500,000 barrels draw that was expected by analysts polled by Platts. This is the first weekly rise in seven weeks.
The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by about 1.9 million barrels for the week. Gasoline supply, meanwhile, fell by 3 million barrels, while distillate stockpiles declined by 1.7 million barrels.
U.S. crude oil imports averaged 5.4 million barrels per day last week, increased by 0.5 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 5.5 million barrels per day, 17.9% less than the same four-week period last year.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.0 million barrels from the previous week. At 500.4 million barrels, U.S. crude oil inventories are about 14% above the five year average for this time of year. Total motor gasoline inventories decreased by 3.0 million barrels last week and are about 3% above the five year average for this time of year. Finished gasoline and blending components inventories both decreased last week. Distillate fuel inventories decreased by 1.7 million barrels last week and are about 20% above the five year average for this time of year. Propane/propylene inventories increased by 2.2 million barrels last week and are about 12% above the five year average for this time of year. Total commercial petroleum inventories decreased by 3.4 million barrels last week.