In the latest data release by the Energy Information Administration (EIA), U.S. crude oil inventories witnessed a notable decline of 1.4 million barrels in the week ending May 3, 2024. This decrease brings the total commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) to 459.5 million barrels, approximately 3% below the five-year average for this period.
During the same week, U.S. crude oil refinery inputs rose to an average of 15.9 million barrels per day, representing an increase of 307 thousand barrels per day from the previous week's average. Refineries operated at 88.5% of their operable capacity, contributing to increased gasoline and distillate fuel production, which averaged 9.5 million barrels per day and 4.8 million barrels per day, respectively.
Furthermore, U.S. crude oil imports also saw a rise, averaging 7.0 million barrels per day, an increase of 198 thousand barrels per day from the previous week. Total motor gasoline inventories increased by 0.9 million barrels, while distillate fuel inventories rose by 0.6 million barrels. Despite these fluctuations, total commercial petroleum inventories decreased by 2.1 million barrels last week.
The data also reveals that total products supplied over the last four-week period averaged 19.9 million barrels per day, slightly below the same period last year. Notably, motor gasoline product supplied decreased by 4.0%, while distillate fuel product supplied declined by 6.6% compared to the same period last year. However, jet fuel product supplied witnessed a 3.5% increase compared to the same four-week period last year.
Comments