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 1,351 MBBL last week to 407,389 MBBL from 408,740 MBBL. This is 14% below the 475,437 MBBL that was in storage at this point last year, and is 1% below the five-year average. This week’s draw fell short of expectations, as the average analyst prediction called for a draw of 2,164 MBBL.
Gasoline inventories increased by 2.9 MMBBL this week to 233.9 MMBBL. Fuel oil inventories rose by 3.0 MMBBL to 124.2 MMBBL. Overall, petroleum stocks excluding the SPR increased by 3.3 MMBBL to 1,209.9 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,925 MBOPD, imported 8,129 MBOPD and exported 1,826 MBOPD.
The four-week average total crude oil inputs to refineries decreased to 17,401 MBOPD, from 17,414 MBOPD. This means refineries are running at 95.2% of capacity. American refineries produced an average of 10,236 MBBLPD of gasoline and 5,182 MBBLPD of distillate fuel oil over the past four weeks.
