EIA: Crude Stocks Reports 2nd Consecutive Week Build; Products Rise

SECAUCUS, NJ (DTN) – U.S. commercial crude oil stocks rose for a second consecutive week last week as gasoline inventories continued their multi-week surge, the Energy Information Administration (EIA) reported Thursday (1/22). Distillates also returned to a build, after a decline in the prior week.

Commercial crude stocks increased by 3.6 million bbl to 426 million during the week ended January 16, adding to the prior week’s increase of 3.3 million, the EIA said in its Weekly Petroleum Status Report.

With the weekly build, U.S. crude inventories stood 14.4 million bbl, or 3.5%, higher than levels a year ago, the report showed.

Crude stockpiles at the Cushing, Oklahoma delivery point for NYMEX West Texas Intermediate futures, climbed by 1.6 million bbl to 25.1 million after the prior week’s addition of 800,000 bbl.

Total motor gasoline inventories increased by 6 million bbl to 257 million during the reference week, adding to the prior week’s surplus of 9 million.

Blending components rose by 5.4 million bbl to 240.7 million, accounting for most of the increase, while conventional gasoline stocks rose by 600,000 bbl to 16.3 million.

Distillate fuel oil inventories climbed by 3.3 million bbl to 132.6 million, after the previous week’s slide of 100,000.

Refinery utilization slipped to 93.3% of operable capacity, from a prior 95.3%. Crude oil inputs into refineries averaged 16.6 million bpd, versus the previous week’s 16.96 million.

Crude oil exports averaged 3.7 million bpd, down by 600,000 bpd from the previous week, while crude imports fell by 645,00 bpd to 6.447 million bpd.

Total products supplied over the last four weeks averaged 19.95 million bpd, down 1.5% from the same period a year earlier. Gasoline demand last week averaged 8.218 million bpd, lower by 0.6% from a year earlier, while distillate demand averaged 3.548 million bpd, down by 1.1% from the same period last year.