US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, fell 3.2 million bbl from the previous week, according to the US Energy Information Administration’s weekly Petroleum Status Report.
At 532.5 million bbl, inventories remain at historically high levels for this time of year.
Analysts surveyed by The Wall Street Journal ahead of the EIA report’s release said they anticipated a decline of 3.1 million bbl for the week.
Separately, the American Petroleum Institute estimated a 3.6 million-bbl drop in inventories.
Gasoline inventories rise
Total motor gasoline inventories last week increased 1 million bbl, and are well above the upper limit of the average range. Finished gasoline inventories rose while blending components inventories fell.
Distillate fuel inventories gained 1.8 million bbl, and are well above the upper limit of the average range for this time of year. Propane-propylene inventories rose 1.9 million bbl, and are near the upper limit of the average range.
US crude refinery inputs during the week ending June 3 averaged 16.4 million b/d, a jump of 211,000 b/d from the previous week’s average. Refineries operated at 90.9% of their operable capacity.
Gasoline production increased to 10.1 million b/d. Distillate fuel production also increased, averaging 4.8 million b/d.
US crude oil imports averaged 7.7 million b/d, down 134,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.6 million b/d, up 9.5% from the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 815,000 b/d. Distillate fuel imports averaged 167,000 b/d last week.