The EIA released its weekly Petroleum Status Report today, outlining how national oil and refined product stocks have changed in the last week.
Crude oil stocks fell by 5,914 MBBL last week to 426,527 MBBL from 432,441 MBBL. This is 16% below the 509,095 MBBL that was in storage at this point last year, and is 1% below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 2,429 MBBL.
Gasoline inventories rose by 3.3 MMBBL this week to 240.0 MMBBL. Fuel oil inventories rose to 117.4 MMBBL, from 114.7 MMBBL last week. Overall, petroleum stocks excluding the SPR increased by 0.2 MMBBL to 1,208.2 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,842 MBOPD, imported 8,080 MBOPD and exported 2,074 MBOPD.
The four-week average total crude oil inputs to refineries increased to 17,433 MBOPD, from 17,164 MBOPD. This means refineries are running at 95.4% of capacity. American refineries produced an average of 10,160 MBBLPD of gasoline and 5,300 MBBLPD of distillate fuel oil over the past four weeks.
