EIA Weekly Petroleum Data Shows Surprise 3.4M Barrel Drop in Crude Inventory

(Updated - May 11, 2016 10:33 AM EDT)

• Crude Inventory -3.41M Barrels vs +80K Expected
• Gasoline Inventory -1.23M vs -510K Expected

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending May 6, 2016, 193,000 barrels per day more than the previous week’s average. Refineries operated at 89.1% of their operable capacity last week. Gasoline production increased last week, averaging about 10.1 million barrels per day. Distillate fuel production increased last week, averaging over 4.6 million barrels per day.

U.S. crude oil imports averaged about 7.7 million barrels per day last week, down by 5,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged about 7.8 million barrels per day, 8.4% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 779,000 barrels per day. Distillate fuel imports averaged 118,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.4 million barrels from the previous week. At 540.0 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories decreased by 1.2 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories decreased by 1.6 million barrels last week but are well above the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.3 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories decreased by 1.4 million barrels last week.

Total products supplied over the last four-week period averaged about 20.1 million barrels per day, up by 3.5% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged 9.5 million barrels per day, up by 5.1% from the same period last year. Distillate fuel product supplied averaged 4.1 million barrels per day over the last four weeks, up by 0.7% from the same period last year. Jet fuel product supplied is up 2.1% compared to the same four-week period last year.

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