US crude oil inventories for the week ended May 16, excluding the Strategic Petroleum Reserve, increased by 1.3 million bbl from the previous week, according to data from the US Energy Information Administration.
At 443.2 million bbl, US crude oil inventories are about 6% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 0.8 million bbl from last week and are about 2% below the 5-year average for this time of year. Finished gasoline inventories and blending components inventories both increased last week. Distillate fuel inventories increased by 0.6 million bbl last week and are about 16% below the 5-year average for this time of year.
Propane-propylene inventories increased by 2.7 million bbl from last week and are 7% below the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 16.5 million b/d for the week ended May 16, which was 89,000 b/d more than the previous week’s average. Refineries operated at 90.7% of capacity.
Gasoline production increased, averaging 9.6 million b/d. Distillate fuel production increased, averaging 9.6 million b/d.
US crude oil imports averaged 6.1 million b/d, up 247,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.9 million b/d, 13.5% less than the same 4-week period last year. Total motor gasoline imports averaged 747,000 b/d. Distillate fuel imports averaged 141,000 b/d.
