US crude oil inventories for the week ended May 24, excluding the Strategic Petroleum Reserve, decreased by 4.2 million bbl from the previous week, according to data from the US Energy Information Administration.
The report was released one day later than usual due to the US Memorial Day holiday on May 27.
At 454.7 million bbl, US crude oil inventories are about 4% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 2 million bbl from last week and are about 1% below the 5-year average for this time of year. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 2.5 million bbl last week and are about 6% below the 5-year average for this time of year.
Propane-propylene inventories increased by 2.1 million bbl from last week and are 15% above the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 17.1 million b/d for the week ended May 24, 601,000 b/d more than the previous week’s average. Refineries operated at 94.3% of capacity.
Gasoline production decreased, averaging 10.0 million b/d. Distillate fuel production decreased, averaging 5.0 million b/d.
US crude oil imports averaged 6.8 million b/d, up 106,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.8 million b/d, 6.5% more than the same 4-week period last year. Total motor gasoline imports averaged 1.1 million b/d. Distillate fuel imports averaged 165,000 b/d.