Crude oil inventories fell 3.6 million barrels in the May 25 week to 434.5 million, 14.8 percent below their level a year ago. Product inventories slightly increased, with gasoline up 0.5 million barrels to 234.4 million, 3.8 percent below last year at this time and distillates up 0.6 million barrels to 114.6 million, 21.9 percent lower year-on-year. The decline in crude oil inventories contrasted with a 1.0 million increase reported Wednesday by the American Petroleum Institute (API), a private industry group. WTI prices rose about 65 cents to around $68 per barrel immediately following the release of the EIA report.
Refineries ramped up in the week to operate at 93.9 percent of their operable capacity, up 2.1 percentage points from the prior week. Production rose sharply, averaging 10.4 million barrels per day for gasoline and 5.3 million per day for distillates.
Crude oil imports fell to an average of 7.6 million barrels per day, down by 528,000 barrels per day from the previous week. Over the last 4 weeks, crude oil imports averaged 7.7 million barrels per day, 5.5 percent less than in the same period last year.
Domestic crude oil production over the last 4 weeks averaged 10.7 million barrels per day, 15.1 percent more than in the comparable period last year.
Overall product demand remains steady, with total products supplied over the last 4 weeks averaging 20.7 million barrels per day, up 1.3 percent from the same period last year. Demand for the main products remains softer, with gasoline supplied averaging 9.7 million barrels per day during the period, up 0.8 percent from the same time last year, while supplied distillates averaged 4.1 million barrels per day, down 1.5 percent year-on-year.