EIA: US crude inventories fall 4.2 million bbl

US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased 4.2 million bbl during the week ended May 20 compared with the previous week’s average, according to the US Energy Information Administration’s weekly Petroleum Status Report.

At 537.1 million bbl, inventories remain at historically high levels for this time of year. EIA reported a 1.3-million bbl increase for the week ended May 13 (OGJ Online, May 18, 2016).

Analysts surveyed by The Wall Street Journal ahead of this week’s report anticipated a 2.5 million-bbl draw. Separately, the American Petroleum Institute estimated US crude stocks declined 5.1 million bbl.

Total motor gasoline inventories last week increased 2 million bbl, and are well above the upper limit of the average range. Finished gasoline inventories remained unchanged while blending components inventories increased.

Distillate fuel inventories decreased 1.3 million bbl, but are well above the upper limit of the average range for this time of year. Propane-propylene inventories fell 100,000 bbl, but are above the upper limit of the average range. Total commercial petroleum inventories dropped 900,000 bbl.

US crude refinery inputs during the week ended May 20 averaged 16.3 million b/d, down 92,000 b/d from the previous week’s average. Refineries operated at 89.7% of their operable capacity.

Both gasoline and distillate fuel production fell to 9.9 million b/d and 4.7 million b/d, respectively.

US crude imports averaged 7.3 million b/d, down 362,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.6 million b/d, up 10.9% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 933,000 b/d. Distillate fuel imports averaged 193,000 b/d last week.

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