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 3,620 MBBL last week to 434,512 MBBL from 438,132 MBBL. This is 15% below the 509,912 MBBL that was in storage at this point last year, and is marginally below the five-year average. This week’s draw was a surprise, as the average analyst prediction called for a build of 244 MBBL.
Gasoline inventories rose by 0.5 MMBBL this week to 234.4 MMBBL. Fuel oil inventories fell to 114.6 MMBBL, from 114.0 MMBBL last week. Overall, petroleum stocks excluding the SPR rose by 1.8 MMBBL to 1,194.0 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,730 MBOPD, imported 7,679 MBOPD and exported 2,093 MBOPD.
The four-week average total crude oil inputs to refineries increased to 16,726 MBOPD, from 16,578 MBOPD. This means refineries are running at 91.8% of capacity. American refineries produced an average of 10,230 MBBLPD of gasoline and 5,064 MBBLPD of distillate fuel oil over the past four weeks.
