US crude oil inventories for the week ended May 28, excluding the Strategic Petroleum Reserve, decreased by 5.1 million bbl from the previous week, according to data from the US Energy Information Administration.
The data was released a day later than usual due to the closure of the federal government on Monday, May 31.
At 479.3 million bbl, US crude oil inventories are 3% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 1.5 million bbl from last week and are about 3% below the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both increased last week. Distillate fuel inventories increased by 3.7 million bbl last week and are 8% below the 5-year average for this time of year.
Propane-propylene inventories increased by 4.1 million bbl and are about 19% below the 5-year average for this time of year, EIA said.
US refinery inputs averaged 15.6 million b/d for the week ended May 28, about 358,000 b/d more than the previous week’s average. Refineries operated at 88.7% of capacity.
Gasoline production decreased, averaging 9.6 million b/d. Distillate fuel production increased, averaging 4.8 million b/d.
US crude oil imports averaged 5.6 million b/d, down 600,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.0 million b/d, 0.7% less than the same period last year. Total motor gasoline imports averaged 933,000 b/d. Distillate fuel imports averaged 516,000 b/d.
