EIA: US crude inventories down 2.3 million bbl

US crude oil inventories for the week ended May 1, excluding the Strategic Petroleum Reserve, decreased by 2.3 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 457.2 million bbl, US crude oil inventories are about 1% above the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 2.5 million bbl from last week and are about 4% 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 1.3 million bbl last week and are about 11% below the 5-year average for this time of year.

Propane-propylene inventories decreased by 1.3 million bbl from last week and are 56% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 16.0 million b/d for the week ended May 1, which was 42,000 b/d less than the previous week’s average. Refineries operated at 90.1% of capacity.

Gasoline production decreased, averaging 9.6 million b/d. Distillate fuel production decreased, averaging 4.9 million b/d.

US crude oil imports averaged 5.5 million b/d, down 273,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.6 million b/d, 2.4% less than the same 4-week period last year. Total motor gasoline imports averaged 755,000 b/d. Distillate fuel imports averaged 123,000 b/d.