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 6,147 MBBL last week to 404,937 MBBL from 411,084 MBBL. This is 16% below the 483,415 MBBL that was in storage at this point last year, and is 3% below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 2,234 MBBL.
Gasoline inventories dropped by 2.3 MMBBL this week to 233.5 MMBBL. Fuel oil inventories fell by 0.1 MMBBL to 121.2 MMBBL. Overall, petroleum stocks excluding the SPR decreased by 9.7 MMBBL to 1,196.0 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,950 MBOPD, imported 8,331 MBOPD and exported 2,127 MBOPD.
The four-week average total crude oil inputs to refineries decreased to 17,457 MBOPD, from 17,590 MBOPD. This means refineries are running at 95.5% of capacity. American refineries produced an average of 10,389 MBBLPD of gasoline and 5,309 MBBLPD of distillate fuel oil over the past four weeks.
