Continuing our weekly series, Open Insights, we’ll take a look at the EIA’s Weekly Petroleum Status Report (“WPSR”) for the week of November 10, 2017.
EIA today reported a crude build of 1.9M barrels. This is in addition to the 2.2M barrel build last week, and helped contribute to the overall inventory build (i.e., crude and petroleum products) of 2.757M barrels. Crude exports increased slightly by 260K bpd, but the net import balance increased as imports increased by twice that amount at 521K bpd.
Based on EIA’s WPSR models, production increased to 9.645M bpd. Refinery utilization increased by 248K bpd (i.e., 1.4%) and averaged 91% overall for the week, again higher than the 5 year average (2012-2016) of 88.3%.
Gasoline inventories increased by 894K barrels and distillates decreased by 799K barrels. Gasoline inventories continue to bump along the 5-year average whereas distillates are now slightly below.