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 1,616 MBBL last week to 420,479 MBBL, from 422,095 MBBL. This is 19% below the 518,683 MBBL that was in storage at this point last year, and is 2% above the five-year average. This week’s draw was above expectations, as the average analyst prediction called for a build of 2,355 MBBL.
Gasoline inventories rose by 0.3 MMBBL this week, increasing to 249.3 MMBBL. Fuel oil inventories decreased to 138.9 MMBBL, from 141.4 MMBBL last week. Other refined product stocks fell to 390.1 MMBBL.
The four-week average total crude oil inputs to refineries dropped to 16,201 MBOPD, down from 16,364 MBOPD. This means refineries are running at 89.6% of capacity. American refineries produced an average of 9,838 MBBLPD of gasoline and 4,761 MBBLPD of distillate fuel oil over the past four weeks.
