US crude oil inventories for the week ended May 7, excluding the Strategic Petroleum Reserve, decreased by 400,000 bbl from the previous week, according to data from the US Energy Information Administration.
At 484.7 million bbl, US crude oil inventories are 2% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 400,000 bbl from last week and are about 1% below 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 1.7 million bbl last week and 3% below the 5-year average for this time of year.
Propane-propylene inventories increased by 2.5 million bbl and are about 17% below the 5-year average for this time of year, EIA said.
US refinery inputs averaged 15.0 million b/d for the week ended May 7, about 223,000 b/d less than the previous week’s average. Refineries operated at 86.1% of capacity.
Gasoline production increased, averaging 9.6 million b/d. Distillate fuel production increased, averaging 4.7 million b/d.
US crude oil imports averaged 5.5 million b/d, up 37,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.7 million b/d, 7.6% more than the same period last year. Total motor gasoline imports averaged 936,000 b/d. Distillate fuel imports averaged 208,000 b/d.