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 4,302 MBBL last week to 401,490 MBBL from 405,792 MBBL. This is 13% below the 462,353 MBBL that was in storage at this point last year, and is 1% below the five-year average. This week’s draw exceeded expectations, as the average analyst prediction called for a draw of 2,382 MBBL.
Gasoline inventories increased by 1.8 MMBBL this week to 234.6 MMBBL. Fuel oil inventories rose by 3.1 MMBBL to 133.1 MMBBL. Overall, petroleum stocks excluding the SPR increased by 3.6 MMBBL to 1,226.6 MMBBL.
Preliminary data suggests over the past four weeks the U.S. produced 10,975 MBOPD, imported 7,933 MBOPD and exported 1,509 MBOPD.
The four-week average total crude oil inputs to refineries are 17,772 MBOPD. This means refineries are running at 97.3% of capacity. American refineries produced an average of 10,209 MBBLPD of gasoline and 5,345 MBBLPD of distillate fuel oil over the past four weeks.
