EIA: US crude stockpiles decrease 1.4 million bbl

US crude oil inventories, excluding the Strategic Petroleum Reserve, decreased 1.4 million bbl for the week ended May 11, according to US Energy Information Administration data.

The latest estimate is 432.4 million bbl, putting oil in storage in the lower half of the average range for this time of year, the Weekly Petroleum Status Report indicated.

The report said total motor gasoline inventories decreased 3.8 million bbl and are in the upper half of the average range. Finished gasoline inventories increased, while blending components inventories decreased last week. Distillate fuel inventories decreased by 100,000 bbl last week and are in the lower half of the average range for this time of year.

Propane-propylene inventories increased 1.7 million bbl last week and are in the lower half of the average range, EIA said.

US refinery inputs averaged 16.6 million b/d for the week ended May 11, about 149,000 b/d more than the previous week’s average. Refineries operated at 91.1% of capacity.

Gasoline production increased, averaging 10.5 million b/d. Distillate fuel production increased, averaging over 5 million b/d.

US crude oil imports averaged 7.6 million b/d, up by 278,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 8 million b/d, about 4.3% less than the same period last year. Total motor gasoline imports averaged 721,000 b/d. Distillate fuel imports averaged 77,000 b/d.