EIA: Petroleum Status Report

US crude oil refinery inputs averaged 16.4 million bpd during the week ending 29 May 2015, 43 000 bpd less than the previous week’s average. Refineries operated at 93.2% of their operable capacity last week. Gasoline production decreased last week, averaging 9.4 million bpd. Distillate fuel production increased last week, averaging over 5.0 million bpd.

US crude oil imports averaged nearly 7.4 million bpd last week, up by 677 000 bpd from the previous week. Over the last four weeks, crude oil imports averaged over 7.0 million bpd, 1.3% below the same four week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 692 000 bpd. Distillate fuel imports averaged 64 000 bpd last week.

US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.9 million bbls from the previous week. At 477.4 million bbls, US crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories decreased by 0.3 million bbls last week, but are above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 3.8 million bbls last week and are in the middle of the average range for this time of year. Propane/propylene inventories rose 3.8 million bbls last week and are well above the upper limit of the average range. Total commercial petroleum inventories increased by 7.4 million bbls last week.

Total products supplied over the last four-week period averaged over 19.9 million bpd, up by 4.3% from the same period last year. Over the last four weeks, motor gasoline product supplied averaged about 9.3 million bpd, up by 1.1% from the same period last year. Distillate fuel product supplied averaged over 4.0 million bpd over the last four weeks, down by 1.6% from the same period last year. Jet fuel product supplied is up 7.8% compared to the same four week period last year. The WTI price was US$60.25/bbl on 29 May 2015, US$1.37 over last week’s price but US$43.15 below a year ago.

The spot price for conventional gasoline in the New York Harbor was US$2.011/gal., US$0.030 more than last week’s price but US$0.841 less than a year ago. The spot price for ultra low sulfur diesel fuel in the New York Harbor was US$1.949/gal., US$0.008 below last week’s price and US$0.940 under a year ago. The national average retail regular gasoline price increased for the seventh week in a row to US$2.780/gal. on 1 June 2015, US$0.006/gal. above last week but US$0.910 under a year ago. The national average retail diesel fuel price decreased for the first time in seven weeks to US$2.909/gal., US$0.005/gal. less than last week and US$1.009 lower than a year ago.

Adapted from press release by Rosalie Starling

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