The American Petroleum Institute late Wednesday reported a much bigger-than-expected drop of 7.4 million barrels in U.S. crude supplies for the week ended Dec. 30, according to sources. Analysts polled by S&P Global Platts forecast a stockpile decline of 1.7 million barrels. Supply data from the Energy Information Administration will be released Thursday morning, a day late due to the New Year's Day holiday. February crude CLG7, +1.80% was at $53.30 a barrel in electronic trading, up from the contract’s settlement of $53.26 on the New York Mercantile Exchange.
Summary of Weekly Petroleum Data for the Week Ending December 30, 2016U.S. crude oil refinery inputs averaged 16.7 million barrels per day during the weekending December 30, 2016, 132,000 barrels per day more than the previous week’saverage. Refineries operated at 92.0% of their operable capacity last week. Gasolineproduction decreased last week, averaging about 9.5 million barrels per day. Distillatefuel production increased last week, averaging over 5.3 million barrels per day.U.S. crude oil imports averaged 7.2 million barrels per day last week, down by 984,000barrels per day from the previous week. Over the last four weeks, crude oil importsaveraged 7.8 million barrels per day, 0.5% above the same four-week period last year.Total motor gasoline imports (including both finished gasoline and gasoline blendingcomponents) last week averaged 722,000 barrels per day. Distillate fuel imports averaged99,000 barrels per day last week.U.S. commercial crude oil inventories (excluding those in the Strategic PetroleumReserve) decreased by 7.1 million barrels from the previous week. At 479.0 millionbarrels, U.S. crude oil inventories are near the upper limit of the average range for thistime of year. Total motor gasoline inventories increased by 8.3 million barrels last week,and are near the upper limit of the average range. Both finished gasoline inventories andblending components inventories increased last week. Distillate fuel inventories increasedby 10.1 million barrels last week and are above the upper limit of the average range forthis time of year. Propane/propylene inventories fell 2.7 million barrels last week but arein the upper half of the average range. Total commercial petroleum inventories increasedby 6.1 million barrels last week.Total products supplied over the last four-week period averaged 19.6 million barrels perday, down by 0.5% from the same period last year. Over the last four weeks, motorgasoline product supplied averaged 9.0 million barrels per day, down by 0.2% from thesame period last year. Distillate fuel product supplied averaged over 3.8 million barrelsper day over the last four weeks, up by 8.1% from the same period last year. Jet fuelproduct supplied is up 4.0% compared to the same four-week period last year.