US crude oil inventories for the week ended May 8, excluding the Strategic Petroleum Reserve, decreased by 700,000 bbl from the previous week, according to data from the US Energy Information Administration.
At 531.5 million bbl, US crude oil inventories are 11% above the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories decreased by 3.5 million bbl and are 9% above the 5-year range for this time of year. Finished gasoline inventories increased while blending component inventories decreased last week. Distillate fuel inventories increased by 3.5 million bbl and are about 16% above the 5-year average for this time of year.
Propane-propylene inventories increased by 2.2 million bbl last week and are about 15% above the 5-year average for this time of year, EIA said.
US refinery inputs averaged 12.4 million b/d for the week ended May 8, about 600,000 b/d less than the previous week’s average. Refineries operated at 67.9% of capacity.
Gasoline production increased, averaging 7.5 million b/d. Distillate fuel production decreased, averaging 4.9 million b/d.
US crude oil imports averaged 5.4 million b/d, down 321,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.3 million b/d, 26.1% less than the same period last year. Total motor gasoline imports averaged 486,000 b/d. Distillate fuel imports averaged 193,000 b/d.