EIA: US crude inventories up 3.5 million bbl

Jan. 29, 2020
US crude oil inventories for the week ended Jan. 24, excluding the Strategic Petroleum Reserve, increased by 3.5 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended Jan. 24, excluding the Strategic Petroleum Reserve, increased by 3.5 million bbl from the previous week, according to data from the US Energy Information Administration.

Separately, the American Petroleum Institute on Jan. 28 reported a draw in US crude supplies of 4.3 million bbl for the week.

At 431.7 million bbl, US crude oil inventories are 2% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 1.2 million bbl and are 5% above the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories decreased by 1.3 million bbl and are about 3% below the 5-year average for this time of year.

Propane-propylene inventories decreased by 3.6 million bbl last week and are about 28% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 15.9 million b/d for the week ended Jan. 24, about 933,000 b/d less than the previous week’s average. Refineries operated at 87.2% of capacity.

Gasoline production decreased, averaging 9.2 million b/d. Distillate fuel production increased, averaging 5.0 million b/d.

US crude oil imports averaged 6.7 million b/d, up 229,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.6 million b/d, 13.9% less than the same period last year. Total motor gasoline imports averaged 543,000 b/d. Distillate fuel imports averaged 122,000 b/d.