EIA estimates 2.7 million-bbl drop in US crude stockpiles

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, recorded a weekly decline of 2.7 million bbl to 440.4 million bbl during the week ended Apr. 25, data from the US Energy Information Administration (EIA) indicates.

The agency’s latest weekly Petroleum Status Report notes that crude inventories are about 6% below the 5-year average for this time of year. 

EIA said total motor gasoline inventories last week declined by 4 million bbl, but inventories are average for this time of year. Finished gasoline inventories and blending components inventories decreased.

Distillate fuel inventories increased 900,000 bbl, but are 13% below the 5-year average for this time of year. Propane-propylene inventories gained 600,000 bbl but are 8% below the 5-year average range. Total commercial petroleum inventories increased 4.2 million bbl.

US crude refinery inputs during the week ending Apr. 25 averaged 16.1 million b/d, up 189,000 b/d from the previous week’s average. Refineries operated at 88.6% of their operable capacity last week.

Gasoline production decreased, averaging 9.5 million b/d. Distillate fuel production was flat, averaging 4.6 million b/d.

US crude imports averaged 5.5 million b/d, down 90,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 5.8 million b/d, which is 11% less than the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 581,000 b/d last week. Distillate fuel imports averaged 99,000 b/d.