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 4,143 MBBL last week to 432,441 MBBL from 436,584 MBBL. This is 15% below the 511,546 MBBL that was in storage at this point last year, and is marginally below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 1,087 MBBL.
Gasoline inventories dropped by 2.3 MMBBL this week to 236.8 MMBBL. Fuel oil inventories fell to 114.7 MMBBL, from 116.8 MMBBL last week. Overall, petroleum stocks excluding the SPR dropped by 1.8 MMBBL to 1,208.0 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,799 MBOPD, imported 8,059 MBOPD and exported 1,918 MBOPD.
The four-week average total crude oil inputs to refineries increased to 17,164 MBOPD, from 16,947 MBOPD. This means refineries are running at 94.2% of capacity. American refineries produced an average of 10,149 MBBLPD of gasoline and 5,167 MBBLPD of distillate fuel oil over the past four weeks.
