U.S. OIL INVENTORIES UP 2.8 MBL
US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 2.8 million bbl for the week ended Apr. 29 compared with the previous week. The US Energy Information Administration estimated a total of 543.4 million bbl, which is historically high for this time of year.
Total motor gasoline inventories increased 500,000 bbl for the week ended Apr. 29, which EIA called well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week, the Petroleum Status Report said.
Distillate fuel inventories decreased by 1.3 million bbl, but supplies remain well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 700,000 bbl and are above the upper limit of the average range.
US refinery inputs averaged 16 million b/d during the week ended Apr. 29, which was 139,000 b/d more than the previous week's average. Refineries operated at 89.7% of capacity last week. Gasoline production increased, averaging more than 9.8 million b/d. Distillate fuel production decreased, averaging 4.6 million b/d.
Crude oil imports averaged about 7.7 million b/d for the week ended Apr. 29, up by 110,000 b/d from the previous week. Over the last 4 weeks, oil imports averaged more than 7.8 million b/d, which EIA said was 8.4% above the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 946,000 b/d. Distillate fuel imports averaged 126,000 b/d.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
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