US commercial crude oil inventories dropped 4.2 million bbl during the week ended May 25 compared with the previous week’s total, according to data from the US Energy Information Administration. EIA released the Weekly Petroleum Status Report a day later than normal because of the Memorial Day holiday in the US.
At 434.5 million bbl, US crude inventories are in the lower half of the average range for this time of year, the report indicates.
The American Petroleum Institute’s separate estimate of US crude stockpiles on May 30 showed a gain of 1 million bbl for the week ended May 25. API also reported a 1.7 million-bbl decrease in gasoline inventories and 1.5 million-bbl increase in distillate inventories.
EIA reported an increase in total motor gasoline inventories of 500,000 bbl, placing inventories in the upper half of the average range for this time of year. Finished gasoline inventories increased but blending components inventories decreased.
Distillate fuel inventories increased 600,000 bbl but are in the lower half of the average range for this time of year. Propane-propylene inventories increased 2 million bbl and are in the lower half of the average range. Total commercial petroleum inventories increased 1.8 million bbl.
US crude refinery inputs averaged 17.2 million b/d, up 527,000 b/d from the previous week’s average. Refineries operated at 93.9% of their operable capacity.
Gasoline production and distillate fuel production increased to 10.4 million b/d and 5.3 million b/d, respectively.
US crude imports averaged 7.6 million b/d, down 528,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.7 million b/d, down 5.5% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 959,000 b/d. Distillate fuel imports averaged 237,000 b/d last week.
