EIA: US crude inventories down 3.3 million bbl

US crude oil inventories for the week ended May 22, excluding the Strategic Petroleum Reserve, decreased by 3.3 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

The information was released a day later than usual due to the closure of the federal government for the Memorial Day holiday May 25.

At 441.7 million bbl, US crude oil inventories are about 2% above the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories decreased by 2.6 million bbl from last week and are 6% below the 5-year average for this time of year. Finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 2.1 million bbl last week and are about 11% below the 5-year average for this time of year.

Propane-propylene inventories decreased by 400,000 bbl from last week but remain 46% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 17.0 million b/d for the week ended May 22, which was 652,000 b/d more than the previous week’s average. Refineries operated at 94.5% of capacity.

Gasoline production increased, averaging 5.1 million b/d. Distillate fuel production increased, averaging 5.1 million b/d.

US crude oil imports averaged 5.2 million b/d, down 804,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged about 5.7 million b/d, 7.1% less than the same 4-week period last year. Total motor gasoline imports averaged 555,000 b/d. Distillate fuel imports averaged 127,000 b/d.