US crude oil inventories for the week ended May 23, excluding the Strategic Petroleum Reserve, decreased by 2.8 million bbl from the previous week, according to data from the US Energy Information Administration.
The report was released a day later than usual due to the closure of the federal government for the Memorial Day holiday on May 26.
At 440.4 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 decreased by 2.4 million bbl from last week and are about 3% below the 5-year average for this time of year. Finished gasoline inventories and blending components inventories both decreased last week. Distillate fuel inventories decreased by 700,000 bbl last week and are about 17% below the 5-year average for this time of year.
Propane-propylene inventories increased by 2 million bbl from last week and are 4% below the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 16.3 million b/d for the week ended May 23, which was 162,000 b/d less than the previous week’s average. Refineries operated at 90.2% of capacity.
Gasoline production increased, averaging 9.8 million b/d. Distillate fuel production increased by 100,000 b/d, averaging 4.8 million b/d.
US crude oil imports averaged 6.4 million b/d, up 262,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6 million b/d, 10.3% less than the same 4-week period last year. Total motor gasoline imports averaged 755,000 b/d. Distillate fuel imports averaged 114,000 b/d.
