EIA: US oil inventories drop 4.8 million bbl in consecutive decline

US crude oil inventories fell for a second week with drawdowns expanding.

Excluding those in the Strategic Petroleum Reserve, US commercial crude stockpiles fell 4.8 million bbl during the week ended Feb. 4 compared with the previous week’s total, according to the US Energy Information Administration’s Petroleum Status Report.

At 410.4 million bbl, US crude inventories are about 11% below the 5-year average.

US commercial crude oil inventories declined 1 million bbl during the week ended Jan. 28 compared with the previous week’s total, following a 2.4 million bbl gain for week ended Jan. 21, EIA reported.

Total motor gasoline inventories decreased 1.6 million bbl last week but are about 3% below the 5-year average. Both finished gasoline inventories and blending components inventories dropped.

Distillate fuel inventories decreased 900,000 bbl and are about 19% below the 5-year average for this time of year. Propane-propylene inventories shed 1.9 million bbl and are about 11% below the 5-year average. Total commercial petroleum inventories lost 8.1 million bbl.

US crude refinery inputs during the week averaged 15.6 million b/d, up 328,000 b/d from the previous week’s average. Refineries operated at 88.2% of their operable capacity.

Both gasoline production and distillate fuel production increased to 9.4 million b/d and 4.7 million b/d, respectively.

US crude imports averaged 6.4 million b/d, down 700,000 b/d from the previous week’s average. Over the last 4 weeks, crude imports averaged 6.6 million b/d, up 12.7% from the same 4-week period last year.

Total motor gasoline imports, including both finished gasoline and gasoline blending components, averaged 514,000 b/d. Distillate fuel imports averaged 440,000 b/d last week.