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 2,622 MBBL last week to 428,306 MBBL, from 430,928 MBBL. This is 20% below the 533,110 MBBL that was in storage at this point last year, and is 1% below the five-year average. This week’s draw was a surprise, as the average analyst prediction called for a build of 2,539 MBBL.
Gasoline inventories fell by 1.7 MMBBL this week, dropping to 243.1 MMBBL. Fuel oil inventories decreased to 131.0 MMBBL, from 133.1 MMBBL last week. Other refined product stocks fell to 388.8 MMBBL.
The four-week average total crude oil inputs to refineries rose to 16,240 MBOPD, up from 16,004 MBOPD. This means refineries are running at 89.3% of capacity. American refineries produced an average of 9,882 MBBLPD of gasoline and 4,512 MBBLPD of distillate fuel oil over the past four weeks.
