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 5,610 MBBL last week to 453,713 MBBL, from 453,713 MBBL. This is 8% below the 485,756 MBBL that was in storage at this point last year, and is 13% above the five-year average. This week’s storage draw was well above expectations, as the average analyst prediction called for a draw of 2,861 MBBL.
Gasoline inventories rose sharply by 6.8 MMBBL this week, growing to 220.9 MMBBL. Fuel oil inventories rose to 129.4 MMBBL, from 127.8 MMBBL last week. Other refined product stocks fell to 451.2 MMBBL.
The four-week average total crude oil inputs to refineries fell to 16,919 MBOPD, down from 16,696 MBOPD. This means refineries are running at 92.1% of capacity. American refineries produced an average of 9,097 MBBLPD of gasoline and 3,926 MBBLPD of distillate fuel oil over the past four weeks.
