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 4,617 MBBL last week to 425,332 MBBL, from 429,949 MBBL. This is 21% below the 535,543 MBBL that was in storage at this point last year, and is 2% below the five-year average. This week’s draw was a surprise, as the average analyst prediction called for a build of 1,397 MBBL.
Gasoline inventories fell by 1.1 MMBBL this week, dropping to 238.5 MMBBL. Fuel oil inventories rose to 129.5 MMBBL, from 129.0 MMBBL last week. Other refined product stocks rose to 392.2 MMBBL.
The four-week average total crude oil inputs to refineries rose to 16,719 MBOPD, up from 16,469 MBOPD. This means refineries are running at 91.8% of capacity. American refineries produced an average of 10,158 MBBLPD of gasoline and 4,710 MBBLPD of distillate fuel oil over the past four weeks.
