UPDATE: Crude Oil Inventories Rose 234,000 Barrels Last Week - EIA (OIL)

Crude oil inventories increased 234,000 barrels previous week. The consensus was looking for a fall of 2.72 million barrels, according to a Bloomberg review, while the analyst predicts calls for a boost of 2 million barrels. U.S. crude oil refinery inputs averaged over 16.6 million barrels/day during the week ending January 1, 2016, 65,000 barrels/day less than the last week’s average. Refineries operated at 92.5 Per cent of their operable capacity previous week. Gasoline production reduced previous week, averaging about 8.8 million barrels/day. Concentrate fuel production improved previous week, averaging 5.0 million barrels/day.

U.S. crude oil imports averaged over 7.5 million barrels/day previous week, fall by 382,000 barrels/day from the last week. Over the previous 4 weeks, crude oil imports averaged about 7.8 million barrels/day, 5.9 Per cent above the same 4-week time previous year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) previous week averaged 602,000 barrels/day. Distillate fuel imports averaged 164,000 barrels/day previous week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.1 million barrels from the previous week. At 482.3 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories increased by 10.6 million barrels last week, and are in the upper half of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 6.3 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories fell 1.4 million barrels last week but are well above the upper limit of the average range. Total commercial petroleum inventories increased by 7.3 million barrels last week.

Total products supplied over the last four-week period averaged 19.7 million barrels per day, down by 2.5% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.0 million barrels per day, down by 3.6% from the same period last year. Distillate fuel product supplied averaged over 3.5 million barrels per day over the last four weeks, down by 9.3% from the same period last year. Jet fuel product supplied is down 0.9% compared to the same four-week period last year.

The WTI crude oil price and the product spot prices were not available due to the market closure on Friday.

The national average retail regular gasoline price decreased to $2.028 per gallon on January 4, 2016, $0.006 below last week’s price and $0.186 under a year ago. The national average retail diesel fuel price decreased for the eighth week in a row to $2.211 per gallon, $0.024 per gallon less than last week and $0.926 lower than a year ago.

Via StreetInsider