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 6.8 MMBBL last week to 418.4 MMBBL, from 411.6 MMBBL. This is 15% below the 494.8 MMBBL that was in storage at this point last year, and is 4% above the five-year average. This week’s storage draw was significantly beyond expectations, as the average analyst prediction called for a draw of 0.3 MMBBL.
Gasoline inventories fell by 2.0 MMBBL this week, dropping to 242.1 MMBBL. Fuel oil inventories fell to 137.9 MMBBL, from 139.8 MMBBL last week. Other refined product stocks fell to 406.8 MMBBL.
The four-week average total crude oil inputs to refineries dropped to 16,674 MBOPD, down from 17,072 MBOPD. This means refineries are running at 91.8% of capacity. American refineries produced an average of 9,540 MBBLPD of gasoline and 4,952 MBBLPD of distillate fuel oil over the past four weeks.
