US crude oil inventories for the week ended May 29, excluding the Strategic Petroleum Reserve, decreased by 2.1 million bbl from the previous week, according to data from the US Energy Information Administration.
At 532.3 million bbl, US crude oil inventories are 12% above the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 2.8 million bbl and are 10% above the 5-year range for this time of year. Finished gasoline and blending component inventories both increased last week. Distillate fuel inventories increased by 9.9 million bbl and are about 28% above the 5-year average for this time of year.
Propane-propylene inventories increased by 3.1 million bbl last week and are about 12% above the 5-year average for this time of year, EIA said.
US refinery inputs averaged 13.3 million b/d for the week ended May 29, about 316,000 b/d more than the previous week’s average. Refineries operated at 71.8% of capacity.
Gasoline production increased, averaging 7.8 million b/d. Distillate fuel production decreased, averaging 4.7 million b/d.
US crude oil imports averaged 6.2 million b/d, down 1.0 million b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.0 million b/d, 18.3% less than the same period last year. Total motor gasoline imports averaged 782,000 b/d. Distillate fuel imports averaged 163,000 b/d.
