The EIA released its weekly Petroleum Status Report yesterday, outlining how national oil and refined product stocks have changed in the last week.

Crude oil stocks fell by 5,392 MBBL last week to 457,773 MBBL, down from 463,165 MBBL last week. This is 8% below the 495,238 MBBL that was in storage at this point last year, but remains 20% above the five year average. This week’s storage draw significantly exceeded expectations, which predicted a drawdown of 1,932 MBBL.

Weekly Oil Storage: Draw Exceeds Expectations

Source: EnerCom Analytics

Gasoline inventories were steady this week, holding at 222.9 MBBL. Fuel oil inventories declined to 149.2 MBBL, from 148.4 MBBL last week. Other refined product stocks increased to 466.5 MMBBL from 463 MBBL.

The four week average total crude oil inputs to refineries increased slightly to 17,581 MBOPD, up from 17,502 MBOPD. This means refineries are running at 96.1% of capacity. American refineries produced an average of 10,379 MBBLPD of gasoline and 5,185 MBBLPD of distillate fuel oil over the past four weeks.

Because this week’s inventory report covers the week ended August 25, it does not include much of the effects of Hurricane Harvey. Those effects will be visible in next week’s report, which will cover inventories in the week ended September 1.

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