Crude oil inventories rose 2.1 million barrels in the June 1 week to 436.6 million, 14.9 percent below their level a year ago. Product inventories also increased, with gasoline up 4.6 million barrels to 239.0 million, 0.5 percent below last year at this time and distillates up 2.2 million barrels to 116.8 million, 22.7 percent lower year-on-year. The build in crude oil inventories contrasted with a 2.0 million decrease reported Tuesday by the American Petroleum Institute, a private industry group. WTI prices fell about 80 cents to around $64.60 per barrel immediately following the release of the EIA report.
Refineries ramped up to operate at 95.4 percent of their operable capacity, up 1.5 percentage points from the prior week. Gasoline production nevertheless decreased, averaging about 9.7 million barrels per day, while the production of distillates did increase slightly, averaging about 5.3 million barrels per day.
Crude oil imports rose to an average of 8.3 million barrels per day, up 715,000 barrels per day from the previous week. Over the last 4 weeks, crude oil imports averaged 7.9 million barrels per day, 4.4 percent less than in the same period last year.
Domestic crude oil production over the last 4 weeks averaged 10.8 million barrels per day, 15.4 percent more than in the comparable period last year.
Overall product demand is weakening, with total products supplied over the last 4 weeks averaging 20.1 million barrels per day, only 0.2 percent above the level in the same period a year ago. Demand for the main products continues to soften, with gasoline supplied averaging 9.5 million barrels per day, down 1.1 percent from the same period last year, while supplied distillates averaged 3.9 million barrels per day, down 2.6 percent year-on-year.