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 5,836 MBBL last week to 408,358 MBBL from 414,194 MBBL. This is 12% below the 463,165 MBBL that was in storage at this point last year, and is even with the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 5,836 MBBL.
Gasoline inventories increased by 1.2 MMBBL this week to 234.3 MMBBL. Fuel oil inventories rose by 1.8 MMBBL to 130.8 MMBBL. Overall, petroleum stocks excluding the SPR decreased by 2.5 MMBBL to 1,224.8 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,900 MBOPD, imported 8,053 MBOPD and exported 1,477 MBOPD.
The four-week average total crude oil inputs to refineries are 17,738 MBOPD. This means refineries are running at 97.2% of capacity. American refineries produced an average of 10,195 MBBLPD of gasoline and 5,289 MBBLPD of distillate fuel oil over the past four weeks.
