US crude oil inventories for the week ended May 31, excluding the Strategic Petroleum Reserve, increased by 1.2 million bbl from the previous week, according to data from the US Energy Information Administration.
At 455.9 million bbl, US crude oil inventories are about 4% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 2.1 million bbl from last week and are about 1% below the 5-year average for this time of year. Finished gasoline inventories decreased, while blending components inventories increased last week. Distillate fuel inventories increased by 3.2 million bbl last week and are about 7% below the 5-year average for this time of year.
Propane-propylene inventories increased by 2.5 million bbl from last week and are 14% above the 5-year average for this time of year, EIA said.
US crude oil refinery inputs averaged 17.1 million b/d for the week ended May 31, 61,000 b/d more than the previous week’s average. Refineries operated at 95.4% of capacity.
Gasoline production decreased, averaging 9.5 million b/d. Distillate fuel production increased, averaging 5.1 million b/d.
US crude oil imports averaged 7.1 million b/d, up 289,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.8 million b/d, 3.5% more than the same 4-week period last year. Total motor gasoline imports averaged 699,000 b/d. Distillate fuel imports averaged 142,000 b/d.
