U.S. commercial crude oil inventories (excluding product in the Strategic Petroleum Reserve) dropped 1.8 million barrels (MMBbl) during the week ended May 12, compared to the previous week’s total, according to the Energy Information Administration’s weekly Petroleum Status Report (PSR).
It marks the sixth consecutive week in which crude stockpiles have fallen. At 520.8 MMBbl, U.S. crude inventories are in the upper half of the average range for mid-May, Kallanish Energy understands.
Propane-propylene inventories increased 600,000 Bbl, but are in the lower half of the average range. Total commercial petroleum inventories rose 4.3 MMBbl, the PSR found.
U.S. crude refinery inputs during the week averaged 17.1 MMBPD, up 363,000 BPD from the previous week’s average. Refineries operated at 93.4% of their operable capacity.
Crude imports averaged 8.6 MMBPD, up 970,000 BPD from the previous week’s average. In the last four weeks, crude imports averaged 8.3 MMBPD, up 9.3% from the same four-week period in 2016.