The US Energy Information Administration (EIA) released its weekly petroleum status report this morning. US commercial crude inventories fell by 3.4 million barrels last week, bringing the total US commercial crude inventory to 331.2 million barrels, around the upper limit of the five-year range.
Total gasoline inventories rose by 3.7 million barrels last week and remain in the upper limit of the five-year average range. Over the last four weeks, gasoline supplied has declined by -7.2% compared to the same period last year. Total motor gasoline supplied averaged 8.4 million barrels/day for the four weeks.
For the past week, crude imports totaled just under 8.3 million barrels/day, down by a whopping 1.6 million barrels/day from the previous week. Refineries were running at 83.7% of capacity, with daily input of 14.6 million barrels/day, down 352,000 barrels/day from the previous week.
The large decrease in imports reflects lower demand from US drivers and the refinery utilization rate, which is lower than a week ago, indicates the same thing.
According to gasbuddy.com, US gasoline prices average $3.343/gallon today, compared with a price of $3.352 a week ago.
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