Weekly US Oil Inventory Report
Summary of this week's US Petroleum Status Report for the week ending June 23, 2017:
- Despite production disruptions in the Gulf Coast last week due to Tropical Storm Cindy, crude oil stockpiles unexpectedly rose 118,000 barrels. Gains were focused in the Gulf Coast (+1.2 million barrels) and on the East Coast (+1.0 million barrels), offsetting some of the drawdowns in the Midwest and West Coast.
- Crude production dipped 100,000 bbl/day, split evenly across the Lower 48 and Alaska.
- Refinery runs declined 262,000 bbl/day (-1.5%).
- Another 1.4 million barrels of crude were sold out of Strategic Petroleum Reserves (SPR) last week, bringing the year-to-date total to over 4 million.
- Gasoline inventories declined almost 900,000 bbl/day on a big drop in imports (-338,000 bbl/day).
- Distillate inventories also fell 223,000 bbl/day on higher exports (+360,000 bbl/day).
- Total product consumption declined 1.4 million bbl/day, down from a record high of 21 million bbl/day the previous week.
The American Petroleum Institute (API) had predicted a build of 850,000 barrels.