U.S. OIL INVENTORIES DOWN 9MB
EIA - Summary of Weekly Petroleum Data for the Week Ending August 11, 2017
U.S. crude oil refinery inputs averaged about 17.6 million barrels per day during the week ending August 11, 2017, 9,000 barrels per day less than the previous week’s average.Refineries operated at 96.1% of their operable capacity last week. Gasoline production decreased last week, averaging over 10.0 million barrels per day. Distillate fuel production decreased last week, averaging 5.3 million barrels per day.
U.S. crude oil imports averaged over 8.1 million barrels per day last week, up by 364,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.0 million barrels per day, 4.7% below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 667,000 barrels per day. Distillate fuel imports averaged 167,000 barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 8.9 million barrels from the previous week. At 466.5 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year. Total motor gasoline inventories remained unchanged last week, and are near the upper limit of the average range. Finished gasoline inventories decreased while blending components inventories increased last week. Distillate fuel inventories increased by 0.7 million barrels last week and are in the upper half of the average range for this time of year. Propane/propylene inventories increased by 1.6 million barrels last week but are in the lower half of the average range. Total commercial petroleum inventories decreased by 7.3 million barrels last week.
Total products supplied over the last four-week period averaged 21.2 million barrels per day, up by 2.0% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged over 9.7 million barrels per day, down by 0.3% from the same period last year. Distillate fuel product supplied averaged over 4.3 million barrels per day over the last four weeks, up by 15.9% from the same period last year. Jet fuel product supplied is up 0.8% compared to the same four-week period last year.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.