EIA: Crude Stocks Down as Distillates Hit 20-Year Low


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. commercial crude oil inventories declined for a 
second straight week while distillate fuel inventories dropped to their lowest 
level in 20 years, according to Energy Information Administration data for the 
week ended May 1 released Wednesday (5/ 6). Gasoline and jet fuel inventories 
also moved lower, while refinery utilization climbed to the highest level since 
late summer.

   Commercial crude oil inventories fell by 2.3 million bbl to 457.2 million 
bbl during the week profiled.

   The latest crude inventory balance was 18.8 million bbl or 4.3% above the 
same period last year.

   Crude oil imports averaged 5.48 million bpd in the profiled week, down 
273,000 bpd from the previous week. Over the last four weeks, crude imports 
averaged 5.649 million bpd, down 2.4% from the same period last year.

   Crude oil exports averaged 4.75 million bpd last week, down from 6.44 
million bpd the prior week but above the 4.01 million bpd reported a year 
earlier.

   Distillate fuel inventories declined by 1.3 million bbl to 102.3 million bbl 
during the reference week, the lowest level since the week ended April 28, 
2005, when inventories stood at 102.2 million bbl. Stocks were down 4.4 million 
bbl, or 4.1%, from the same week last year.

   Total motor gasoline inventories decreased by 2.5 million bbl to 219.8 
million bbl, the lowest level since the week ended November 28, 2025, when 
inventories stood at 214.4 million bbl. On an annual basis, gasoline 
inventories were down 5.9 million bbl, or 2.6%.

   Jet fuel inventories fell by 600,000 bbl to 43.6 million bbl last week. 
Despite the decline, inventories remained 3.5 million bbl, or 8.8%, above 
year-ago levels.

   Refinery utilization increased to 90.1% of operable capacity last week from 
89.6% in the prior week. Crude oil inputs into refineries averaged 16.029 
million bpd, slightly below the previous week's level.  

   Total products supplied over the last four weeks averaged 20.7 million bpd, 
up 3.1% from the same period last year. Gasoline demand averaged 8.66 million 
bpd, up 0.6% from year-ago levels, while distillate demand averaged 4.01 
million bpd, higher by 1.7% from the previous year.




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