US crude oil inventories for the week ended May 2, excluding the Strategic Petroleum Reserve, decreased by 2 million bbl from the previous week, according to data from the US Energy Information Administration.
At 438.4 million bbl, US crude oil inventories are about 7% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 200,000 bbl from last week and are about 3% below the 5-year average for this time of year. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.1 million bbl last week and are about 13% below the 5-year average for this time of year.
Propane-propylene inventories increased by 1.0 million bbl from last week and are 11% below the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 16.1 million b/d for the week ended May 2, which was 7,000 b/d less than the previous week’s average. Refineries operated at 89% of capacity.
Gasoline production increased, averaging 9.7 million b/d. Distillate fuel production increased by 41,000 b/d, averaging 4.7 million b/d.
US crude oil imports averaged 6 million b/d, up 557,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.8 million b/d,13.3% less than the same 4-week period last year. Total motor gasoline imports averaged 765,000 b/d. Distillate fuel imports averaged 117,000 b/d.