EIA just released its weekly oil inventory report for the week ending on May 29, 2015.  You can review the full weekly report here. Oil prices took a tumble today on concerns that the global crude market continues to be oversupplied. U.S. data released Wednesday showed domestic oil production at a new weekly high, and OPEC is widely expected to keep its production target unchanged at its June 5 meeting. Commercial stockpiles of crude oil fell by 1.9 million barrels last week, the fifth straight weekly decline, the U.S. Energy Information Administration said Wednesday.

Here are the EIA report highlights:

  1. U.S. commercial crude oil inventories excluding those in the Strategic Petroleum Reserve decreased by 1.9 million barrels from the previous week. At 477.4 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.
  2. U.S. crude oil refinery inputs averaged 16.4 million barrels per day during the week ending May 29, 2015, 43,000 barrels per day less than the previous week’s average. Refineries operated at 93.2% of their operable capacity last week.
  3. U.S. crude oil imports averaged nearly 7.4 million barrels per day last week, up by 677,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.0 million barrels per day, 1.3% below the same four-week period last year.
  4. Propane/propylene inventories rose 3.8 million barrels last week and are well above the upper limit of the average range.
  5. Gasoline production decreased last week, averaging 9.4 million barrels per day. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 692,000 barrels per day. Total motor gasoline inventories decreased by 0.3 million barrels last week, but are above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week.
  6. Distillate fuel production increased last week, averaging over 5.0 million barrels per day.
  7. Distillate fuel inventories increased by 3.8 million barrels last week and are in the middle of the average range for this time of year. Distillate fuel product supplied averaged over 4.0 million barrels per day over the last four weeks, down by 1.6% from the same period last year.

crude oil futures pricesSource: The Wall Street Journal