EIA: US crude inventories down 500,000 bbl

June 7, 2023
US crude oil inventories for the week ended June 2, excluding the Strategic Petroleum Reserve, decreased by 500,000 bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended June 2, excluding the Strategic Petroleum Reserve, decreased by 500,000 bbl from the previous week, according to data from the US Energy Information Administration.

At 459.2 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 2.7 million bbl and are about 8% below the 5-year range for this time of year. Finished gasoline inventories and blending component inventories increased last week. Distillate fuel inventories increased by 5.1 million bbl and are about 16% below the 5-year average for this time of year.

Propane-propylene inventories increased by 1.7 million bbl and are about 30% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 16.6 million b/d for the week ended June 2, about 481,000 b/d more than the previous week’s average. Refineries operated at 95.8% of capacity.

Gasoline production increased, averaging 10.1 million b/d. Distillate fuel production increased, averaging 5.2 million b/d.

US crude oil imports averaged 6.4 million b/d, down 817,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.6 million b/d, 3.5% more than the same period last year. Total motor gasoline imports averaged 973,000 b/d. Distillate fuel imports averaged 172,000 b/d.