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 12,633 MBBL last week to 405,248 MBBL from 417,881 MBBL. This is 18% below the 495,350 MBBL that was in storage at this point last year, and is 4% below the five-year average. This week’s draw vastly exceeded expectations, as the average analyst prediction called for a draw of 3,894 MBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,900 MBOPD, imported 8,271 MBOPD and exported 2,434 MBOPD.
The four-week average total crude oil inputs to refineries increased to 17,706 MBOPD, from 17,669 MBOPD. This means refineries are running at 97.0% of capacity. American refineries produced an average of 10,313 MBBLPD of gasoline and 5,442 MBBLPD of distillate fuel oil over the past four weeks.
