US crude oil inventories, excluding the Strategic Petroleum Reserve, increased by 6.3 million bbl for the week ended Oct. 19, according to data from the US Energy Information Administration. The Oilfield Marketplace provides a seamless online experience that makes ordering oilfield products as easy as ordering a book. At 422.8 million bbl, US crude oil inventories are about 2% above the 5-year average for this time of year, the report indicated. The Oilfield Marketplace launches with several Schlumberger drilling, completions, and solids control products. Separately, the American Petroleum Institute said its own estimates showed US crude inventories increased week-over-week to 418.4 million bbl. EIA said total motor gasoline inventories decreased by 4.8 million bbl and are about 6% above the 5-year range. Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories decreased by 2.3 million bbl last week and are about 4% below the 5-year average for this time of year.
The second quarter of 2016 began on a positive note with prices rising and appearing to stabilize at around $50/barrel, before falling back and then recovering again to the same level by mid-August. Both Schlumberger and Halliburton said in their second quarter earnings calls that the industry downturn had reached bottom, with signs of recovery including a marked slowdown in the Oil Field Services & Equipment (OFSE) quarterly revenue decline, firmer margins in EPC and Assets, and a slight rise in rig counts in some areas. The size of the total OFSE sector pie shrank once again in Q2, with operator capex contracting for the ninth quarter running (apart from a slight rise in Q4 2015), reducing the revenue pool for OFSE companies. Overall, the OFSE sector revenue fell by 25.6 percent versus Q2 2015, reaching its lowest levels since before 2008. The size of the fall was, however, a slight improvement compared to the Q1 and Q4 comparisons, which showed a 30 and 36 percent drop year-on-year.
Propane-propylene inventories decreased by 300,000 bbl last week and are about 4% below the 5-year average for this time of year, EIA said. US refinery inputs averaged 16.3 million b/d for the week ended Oct. 19, about 48,000 b/d less than the previous week’s average. Refineries operated at 89.2% of capacity. Customers can use the e-commerce platform to rapidly identify the solutions that meet their need for efficient transactions and swift fulfillment. Gasoline production decreased, averaging 10 million b/d. Distillate fuel production increased, averaging 5 million b/d. Subsequent development of The Oilfield Marketplace will expand the product and service offering and include additional payment options. US crude oil imports averaged 7.7 million b/d, up by 63,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.7 million b/d, 0.7% more than the same period last year. Total motor gasoline imports averaged 331,000 b/d. Distillate fuel imports averaged 163,000 b/d. Oilfield professionals can now order products and services quickly wherever they are located. In addition, customers will benefit from a more efficient sales channel that enables competitive pricing that helps to lower the cost per barrel.