EIA: US crude inventories down 300,000 bbl

May 30, 2019
US crude oil inventories for the week ended May 24, excluding the Strategic Petroleum Reserve, decreased by 300,000 bbl from the previous week, according to data from the US Energy Information Administration. The weekly inventory report was released a day later than usual because of the US Memorial Day holiday.

US crude oil inventories for the week ended May 24, excluding the Strategic Petroleum Reserve, decreased by 300,000 bbl from the previous week, according to data from the US Energy Information Administration.

The weekly inventory report was released a day later than usual because of the US Memorial Day holiday.

At 476.5 million bbl, US crude oil inventories are 5% above the 5-year average for this time of year, the report indicated.

EIA said total motor gasoline inventories increased by 2.2 million bbl and are 1% above the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories decreased by 1.6 million bbl and are about 5% below the 5-year average for this time of year.

Propane-propylene inventories decreased by 100,000 bbl last week and are about 17% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 16.8 million b/d for the week ended May 24, about 189,000 b/d more than the previous week’s average. Refineries operated at 91.2% of capacity.

Gasoline production decreased, averaging 9.9 million b/d. Distillate fuel production decreased, averaging 5.2 million b/d.

US crude oil imports averaged 6.9 million b/d, down by 81,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7 million b/d, 8.5% less than the same period last year. Total motor gasoline imports averaged 1.09 million b/d. Distillate fuel imports averaged 177,000 b/d.