EIA: US crude oil inventories down 8 million bbl

US crude oil inventories for the week ended May 29, excluding the Strategic Petroleum Reserve, decreased by 8.0 million bbl from the previous week, according to data from the US Energy Information Administration (EIA).

At 433.7 million bbl, US crude oil inventories are about 3% below the 5-year average for this time of year, the EIA report indicated.

EIA said total motor gasoline inventories increased by 3.4 million bbl from last week and are about 5% 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 1.5 million bbl and are about 3% below the 5-year average for this time of year.

Propane-propylene inventories increased by 2.1 million bbl from last week and are 39% above the 5-year average for this time of year, EIA said.

US crude oil refinery inputs averaged 16.9 million b/d for the week ended May 29, about 90,000 b/d less than the previous week’s average. Refineries operated at 94.7% of capacity.

Gasoline production decreased, averaging 9.4 million b/d. Distillate fuel production increased, averaging 5.2 million b/d.

US crude oil imports averaged 6.4 million b/d, up by 1.2 million b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.9 million b/d, 4.5% less than the same 4-week period last year. Total motor gasoline imports averaged 780,000 b/d. Distillate fuel imports averaged 121,000 b/d.