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The U.S. Energy Information Administration (EIA) has released its weekly crude inventory report, showing a 1.3-million-barrel increase in inventory over the previous week, in contrast to Tuesday’s API report that showed a 1.2-million-barrel dip.
According to the EIA, U.S. commercial crude inventories for the week to 13 May were up to 541.3 million barrels, up by 1.3 million barrels.
“U.S. crude oil inventories are at historically high levels for this time of year,” the EIA noted.
U.S. crude oil refinery inputs average 16.4 million barrels per day for the week, up 192,000 bpd on the previous week, with refineries operating at 90.5 percent of capacity.
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Gasoline production dipped, averaging 10.0 million barrels per day. Distillate fuel production increased, averaging about 4.8 million barrels per day.
U.S. crude oil imports averaged about 7.7 million barrels per day last week, up by 22,000 barrels per day from the previous week.
“Over the last four weeks, crude oil imports averaged over 7.6 million barrels per day, 8.8 percent above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 691,000 barrels per day. Distillate fuel imports averaged 52,000 barrels per day last week,” according to the EIA report.
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On Tuesday, the American Petroleum Institute (API) reported a 1.1-million-barrel drop in U.S. crude oil supplies, a smaller dip than the 3 million barrels forecast by S&P Global Platts. According to the API, U.S. crude oil supplies fell by 1.14 million barrels for the week ended 13 May, with a build of 508,000 barrels at Cushing.
Last week, the API had reported a 3.4 million build in crude oil inventories, while the EIA came out the following day with the reverse—a 3.4 draw on inventory.
By Charles Kennedy of Oilprice.com
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Charles is a writer for Oilprice.com