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 7,419 MBBL last week to 424,463 MBBL, from 431,882 MBBL. This is 11% below the 479,012 MBBL that was in storage at this point last year, and is 9% above the five-year average. This week’s storage draw was well above expectations, as the average analyst prediction called for a draw of 4,456 MBBL.
Gasoline inventories rose by 4.8 MMBBL this week, growing to 233.2 MMBBL. Fuel oil inventories grew significantly to 138.8 MMBBL, from 138.8 MMBBL last week. Other refined product stocks fell to 428.8 MMBBL.
The four-week average total crude oil inputs to refineries rose to 17,255 MBOPD, up from 17,153 MBOPD. This means refineries are running at 95.0% of capacity. American refineries produced an average of 10,031 MBBLPD of gasoline and 5,380 MBBLPD of distillate fuel oil over the past four weeks.
