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 2,566 MBBL last week to 405,792 MBBL from 408,358 MBBL. This is 11% below the 457,773 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 967 MBBL.
Gasoline inventories decreased by 1.6 MMBBL this week to 232.8 MMBBL. Fuel oil inventories fell by 0.8 MMBBL to 130.0 MMBBL. Overall, petroleum stocks excluding the SPR decreased by 1.7 MMBBL to 1,223.1 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,925 MBOPD, imported 7,987 MBOPD and exported 1,594 MBOPD.
The four-week average total crude oil inputs to refineries are 17,759 MBOPD. This means refineries are running at 97.3% of capacity. American refineries produced an average of 10,134 MBBLPD of gasoline and 5,295 MBBLPD of distillate fuel oil over the past four weeks.
