U.S. Crude Oil Inventories Increase by 5.0 Million Barrels

United States commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 5.0 million barrels from the previous week.  At 467.6 million barrels, U.S. crude oil inventories are slightly below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data, reporting inventories as of May 12, 2023.

U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending May 12, 2023, which was 245 thousand barrels per day more than the previous week’s average. Refineries operated at 92.0% of their operable capacity last week.

• Gasoline production decreased last week, averaging 9.5 million barrels per day.
• Distillate fuel production increased last week, averaging 4.9 million barrels per day.

Imports related to United States Crude Oil

U.S. crude oil imports averaged 6.9 million barrels per day last week, increased by 1,306,000 barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.3 million barrels per day, 0.3% more than the same four-week period last year.

Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 844,000 barrels per day, and distillate fuel imports averaged 128,000 barrels per day.