US crude oil stockpiles declined for a seventh straight week last week, continuing to provide some relief to the flooded oil market.
Commercial crude inventories, excluding those in the Strategic Petroleum Reserve, fell 4.4 million bbl during the week ended May 19 from the previous week’s total, the US Energy Information Administration said in its Petroleum Status Report (OGJ Online, May 17, 2017).
At 516.3 million bbl, US crude inventories are in the upper half of the average range for this time of year.
Analysts and traders surveyed by the Wall Street Journal anticipated a 2.2 million-bbl drop.
A separate estimate from the American Petroleum Institute indicated crude inventories dropped 1.5 million bbl during the week.
Total motor gasoline inventories decreased 800,000 bbl last week but are near the upper limit of the average range, EIA said. Both finished gasoline inventories and blending components inventories declined.
Distillate fuel inventories lost 500,000 bbl but are in the upper half of the average range for this time of year. Propane-propylene inventories rose 1.5 million bbl but are in the lower half of the average range. Total commercial petroleum inventories dropped 3.5 million bbl.
US crude refinery inputs during the week ended May 19 averaged 17.3 million b/d, up 159,000 b/d from the previous week’s average. Refineries operated at 93.5% of their operable capacity.
Both gasoline production and distillate fuel production increased to 10.2 million b/d and 5.2 million b/d, respectively.
US crude imports averaged 8.3 million b/d, down 296,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 8.2 million b/d, up 8.1% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 725,000 b/d. Distillate fuel imports averaged 101,000 b/d last week.