EIA Crude Inventory Data Shows Build of 2.5M Barrels

August 24, 2016 10:30 AM EDT

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(Updated - August 24, 2016 10:32 AM EDT)

  • Crude Inventory +2.5M Barrels vs -495K Expected
  • Gasoline Inventory +36K vs -1.3M Expected

U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the week ending August 19, 2016, 186,000 barrels per day less than the previous week’s average. Refineries operated at 92.5% of their operable capacity last week. Gasoline production decreased last week, averaging over 10.0 million barrels per day. Distillate fuel production decreased last week, averaging over 4.8 million barrels per day.

U.S. crude oil imports averaged over 8.6 million barrels per day last week, up by 449,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged 8.5 million barrels per day, 13.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 801,000 barrels per day. Distillate fuel imports averaged 224,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.5 million barrels from the previous week. At 523.6 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories remained unchanged last week, and are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 0.1 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories rose 2.4 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories increased by 6.6 million barrels last week.

Total products supplied over the last four-week period averaged about 20.8 million barrels per day, up by 2.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.7 million barrels per day, up by 1.8% from the same period last year. Distillate fuel product supplied averaged 3.7 million barrels per day over the last four weeks, unchanged from the same period last year. Jet fuel product supplied is up 4.7% compared to the same four-week period last year.



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Comments

US crude oil Rig Count
M D on 2016-08-25 01:00:36
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It has observed from last many years that US oil reserves are best suited for producing crude oil of some 5000-6000 barrels per day per rig to keep majority of the Oil wells without getting dried for several years, almost 2-decades.
With current 22000 bpd per rig crude oil production, it may force current operational rigs to go dry within next 8 years.

US Crude oil Rig count
M D on 2016-08-25 00:51:41
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I see US crude oil rig count rising to 700-800 from current 400 in 12-18 months. Till May 2016, US crude oil production was 8.89 mn barrels per day. This indicates that around 22000 barrels per day per rig crude oil production from US. Now we will see that per rig production dropping to some 8000-10000 barrels per day.
So in 12-18 months period, I see US crude oil production of 7-8 mn barrels per day.

Rising rig count & sourcing crude oil from many rigs whether they are producing lower than earlier per rig is actually a reserve utilization technique which allows the oil producer or driller to drill oil evenly from all the wells or a particular crude oil reserve in that region. It ensures that majority of the oil wells don't get dry soon.
In 2014, US Oil producers produced some 4000-5000 barrels per day per rig. So even if crude oil rig count move up to some 1000-1200, it won't mean that US crude oil production is rising. It is just a drilling technique to ensure that many oil wells don't go dry.

Crude oil inventory
M D on 2016-08-24 10:42:13
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EIA posted lower crude oil inventory build up than API which reported 4.46 mn barrels.

Crude oil Inventory
M D on 2016-08-24 10:41:18
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EIA posted lower crude oil inventory built than ARI which reported 4.46 mn barrels.


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