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 2,197 MBBL last week to 433,758 MBBL, from 435,955 MBBL. This is 17% below the 522,525 MBBL that was in storage at this point last year, and is 2% below the five-year average. This week’s draw was a surprise, as the average analyst prediction called for a build of 393 MBBL.
Gasoline inventories dropped by 2.2 MMBBL this week, decreasing to 235.8 MMBBL. Fuel oil inventories fell to 115.0 MMBBL, from 118.8 MMBBL last week. Overall, petroleum stocks excluding the SPR decreased by 1.5 MMBBL to 1,186.2 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,612 MBOPD, imported 8,068 MBOPD and exported 2,026 MBOPD.
The four-week average total crude oil inputs to refineries increased to 16,654 MBOPD, from 16,788 MBOPD. This means refineries are running at 91.2% of capacity. American refineries produced an average of 10,027 MBBLPD of gasoline and 5,015 MBBLPD of distillate fuel oil over the past four weeks.
