US commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, dropped 1.4 million bbl during the week ended May 27 compared with the previous week’s average, the US Energy Information Administration reported on June 2.
At 535.7 million bbl, crude inventories remain at historically high levels for this time of year.
Analysts surveyed by The Wall Street Journal anticipated a decline of 2.8 million bbl. Separately, the American Petroleum Institute’s estimate indicated a 2.4 million-bbl gain during the week.
EIA last week reported a 4.2 million-bbl drop for the week ended May 20 (OGJ Online, May 25, 2016).
Gasoline inventories fall
Total motor gasoline inventories last week lost 1.5 million bbl, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased.
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 rose 1.3 million bbl, and are near the upper limit of the average range. Total commercial petroleum inventories decreased 2.7 million bbl.
US crude refinery inputs during the week ended May 27 averaged 16.2 million b/d, down 73,000 b/d from the previous week’s average. Refineries operated at 89.8% of their operable capacity.
Both gasoline and distillate fuel output increased to 9.9 million b/d and 4.8 million b/d, respectively.
US crude imports averaged 7.8 million b/d, up 524,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 7.6 million barrels b/d, which is 8.3% above the same 4-week period last year.
Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 921,000 b/d last week. Distillate fuel imports averaged 69,000 b/d.