U.S. commercial crude oil inventories (excluding the SPR) fell by 4.3 million barrels to 436.1 million barrels for the week ending May 30, according to the EIA’s June 4 report. SPR crude rose slightly to 401.8 million barrels. Total petroleum stocks reached 1.637 billion barrels, up 13.4 million barrels from the previous week but down 9.7 million barrels compared to the same time last year.As of May 30, U.S. crude oil inventories stood at 436.1 million barrels, about 7% below the five-year average, according to the EIA. Motor gasoline inventories rose by 5.2 million barrels but remain 1% below the average.
Distillate fuel stocks increased by 4.2 million barrels, 16% below average, while propane/propylene inventories climbed by 6.8 million barrels, 2% above average.Refinery inputs averaged 17 million barrels per day, up 670,000 barrels from the prior week, with refineries operating at 93.4% capacity. Gasoline production fell to 9 million barrels per day, while distillate fuel output rose to 5 million barrels per day.Crude oil imports averaged 6.3 million barrels per day, down slightly from the previous week. Over the past four weeks, imports averaged 6.2 million barrels per day, nearly 10% lower than the same period last year.
U.S. gasoline imports averaged 845,000 bpd last week; distillate imports were 166,000 bpd. Total product supply over four weeks averaged 19.8 million bpd, down 0.9% year-over-year. Gasoline supply fell 3.1%, distillates 4.3%, and jet fuel 2.2%.SEB analyst Ole Hvalbye noted the 4.3M-barrel crude draw aligns with seasonal trends. Gasoline and diesel stock increases were expected, despite diesel still being 16% below the five-year average.
