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 1,071 MBBL last week to 411,583 MBBL, from 412,654 MBBL. This is 16% below the 488,296 MBBL that was in storage at this point last year, and is 4% above the five-year average. This week’s storage draw was in line with expectations, as the average analyst prediction called for a draw of 1,003 MBBL.
Gasoline inventories rose by 3.1 MMBBL this week, growing to 244.0 MMBBL. Fuel oil inventories increased to 139.8 MMBBL, from 139.2 MMBBL last week. Other refined product stocks fell to 407.6 MMBBL.
The four-week average total crude oil inputs to refineries dropped to 17,072 MBOPD, down from 17,301 MBOPD. This means refineries are running at 94.0% of capacity. American refineries produced an average of 9,569 MBBLPD of gasoline and 5,196 MBBLPD of distillate fuel oil over the past four weeks.
