EIA: US crude inventories up 4.3 million bbl

Nov. 12, 2020
US crude oil inventories for the week ended Nov. 6, excluding the Strategic Petroleum Reserve, increased by 4.3 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended Nov. 6, excluding the Strategic Petroleum Reserve, increased by 4.3 million bbl from the previous week, according to data from the US Energy Information Administration.

EIA released the Weekly Petroleum Status Report a day later than usual because of the closure of the federal government on Nov. 11 for the Veteran’s Day holiday.

At 488.7 million bbl, US crude oil inventories are 6% above the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 2.3 million bbl and are about 3% above the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both decreased last week. Distillate fuel inventories decreased by 5.4 million bbl and are about 15% above the 5-year average for this time of year.

Propane-propylene inventories decreased by 900,000 bbl last week and are about 7% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 13.4 million b/d for the week ended Nov. 6, about 105,000 b/d less than the previous week’s average. Refineries operated at 74.5% of capacity.

Gasoline production increased, averaging 9.3 million b/d. Distillate fuel production decreased, averaging 4.2 million b/d.

US crude oil imports averaged 5.5 million b/d, up 470,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.3 million b/d, 12.6% less than the same period last year. Total motor gasoline imports averaged 450,000 b/d. Distillate fuel imports averaged 131,000 b/d.