EIA says oil inventory increased 1.3 million bbl

US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, increased 1.3 million bbl for the week ended May 13 compared with the previous week, the US Energy Information Administration said, estimating the latest total at 541.3 million bbl.

Analysts surveyed by The Wall Street Journal had expected the oil inventory report to show a 2.4 million-bbl decrease. Separately, the American Petroleum Institute said its own estimate showed a decline of 1.1 million bbl.

US refinery inputs averaged 16.4 million b/d for the week ended May 13, which was 192,000 b/d more than the previous week’s average. Refineries operated at 90.5% of capacity, the Petroleum Status Report said.

Crude oil imports averaged 7.7 million b/d, up 22,000 b/d from the previous week. During the last 4 weeks, crude oil imports averaged more than 7.6 million b/d, 8.8% above the same 4-week period last year.

Total motor gasoline imports, including finished gasoline and gasoline blending components, averaged 691,000 b/d for the week ended May 13. Distillate fuel imports averaged 52,000 b/d.

Total motor gasoline inventories decreased 2.5 million bbl, which EIA said was well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased.

Distillate fuel inventories decreased 3.2 million bbl. EIA said that level was well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 1 million bbl and are above the upper limit of the average range.

Gasoline production decreased, averaging 10 million b/d while distillate fuel production increased, averaging 4.8 million b/d.

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