Commercial crude oil inventories in the United States climbed in the past week as refinery inputs increased while imports decreased.
- Commercial crude oil inventories for the week ending May 6 stood at 424.2 million barrels, up by 8.5 million barrels. The latest level reflects a 13% decline versus the five-year average for this time of the year.
- Motor gasoline inventories fell by 3.6 million barrels, equivalent to 5% below the five-year average. Finished gasoline inventories climbed while blending components increased. Inventories of propane/propylene and commercial petroleum also climbed.
- Refinery inputs for the week averaged 15.7 million barrels per day, higher by 230,000 barrels per day versus the previous week. Refineries operated at 90.0% of their operable capacity as gasoline and distillate fuel production increased.
- Imports averaged 6.3 million barrels per day, indicating a decline of 62,000 barrels per day. The four-week moving average stood at 6.1 million barrels per day, reflecting a 6.2% annual increase.
Total products supplied in the past four weeks averaged 19.4 million barrels a day, marking a 1.6% increase from 2021.
OIL is up 5.01%, while USO is up 5.31%.