US crude oil inventories for the week ended May 27, 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 report was released a day later than usual due to the US holiday Monday, May 31.
At 414.7 million bbl, US crude oil inventories are about 15% below the 5-year average for this time of year, the EIA report indicated. The Strategic Petroleum Reserve released 5.4 million bbl during the week, down from 6 million bbl the prior week.
EIA said total motor gasoline inventories decreased by 700,000 bbl and are about 9% below the 5-year range for this time of year. Finished gasoline and blending component inventories both decreased last week. Distillate fuel inventories decreased by 500,000 bbl and are about 24% below the 5-year average for this time of year.
Propane-propylene inventories increased by 3.2 million bbl last week and are about 8% below the 5-year average for this time of year, EIA said.
US refinery inputs averaged 16.0 million b/d for the week ended May 27, about 236,000 b/d less than the previous week’s average. Refineries operated at 92.6% of capacity.
Gasoline production increased, averaging 10.0 million b/d. Distillate fuel production decreased, averaging 5.0 million b/d.
US crude oil imports averaged 6.2 million b/d, down 268,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.4 million b/d, 7.3% more than the same period last year. Total motor gasoline imports averaged 890,000 b/d. Distillate fuel imports averaged 236,000 b/d.