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 427,567 MBBL, from 428,638 MBBL. This is 20% below the 532,343 MBBL that was in storage at this point last year, and is 3% below the five-year average. This week’s build was a surprise, as the average analyst prediction called for a build of 394 MBBL.
Gasoline inventories fell by 3.0 MMBBL this week, dropping to 236.0 MMBBL. Fuel oil inventories fell to 125.3 MMBBL, from 128.4 MMBBL last week. Overall, petroleum stocks excluding the SPR fell by 10.6 MMBBL to 1,181.0 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,490 MBOPD, imported 8,157 MBOPD and exported 1,677 MBOPD.
The four-week average total crude oil inputs to refineries rose to 16,925 MBOPD, up from 16,882 MBOPD. This means refineries are running at 92.8% of capacity. American refineries produced an average of 10,193 MBBLPD of gasoline and 5,052 MBBLPD of distillate fuel oil over the past four weeks.
