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 1,401 MBBL last week to 432,354 MBBL, from 433,758 MBBL. This is 17% below the 520,772 MBBL that was in storage at this point last year, and is 2% below the five-year average. This week’s draw was in line with expectations, as the average analyst prediction called for a draw of 1,349 MBBL.
Gasoline inventories dropped by 3.8 MMBBL this week, decreasing to 232.0 MMBBL. Fuel oil inventories fell to 114.9 MMBBL, from 115.0 MMBBL last week. Overall, petroleum stocks excluding the SPR decreased by 0.7 MMBBL to 1,185.5 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,658 MBOPD, imported 7,986 MBOPD and exported 2,231 MBOPD.
The four-week average total crude oil inputs to refineries dropped to 16,576 MBOPD, from 16,654 MBOPD. This means refineries are running at 90.9% of capacity. American refineries produced an average of 10,092 MBBLPD of gasoline and 4,999 MBBLPD of distillate fuel oil over the past four weeks.
