Please note, this week the Weekly Petroleum Status Report is released on Thursday, May 28, 2015 at 11:00 A.M. and 1:00 P.M. (Eastern Time) instead of Wednesday, May 27. EIA just released its weekly oil inventory report for the week ending on May 22, 2015.  You can review the full weekly report here. After remaining relatively stable last week, oil prices fell sharply yesterday and the downward trend is continuing today ahead of inventory data. Light, sweet crude for July delivery recently fell 51 cents, or 0.9%, to $57 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell 44 cents, or 0.7%, to $61.62 a barrel on ICE Futures Europe, the Wall Street Journal reports.

Total commercial petroleum inventories increased by 2.2 million barrels last week. Total products supplied over the last four-week period averaged about 19.8 million barrels per day, up by 3.5% from the same period last year.

Here are the highlights:

1. U.S. commercial crude oil inventories excluding those in the Strategic Petroleum Reserve decreased by 2.8 million barrels from the previous week. At 479.4 million barrels, U.S. crude oil inventories are at the highest level for this time of year in at least the last 80 years.

2. U.S. crude oil refinery inputs averaged about 16.5 million barrels per day during the week ending May 22, 2015, 237,000 barrels per day more than the previous week’s average. Refineries operated at 93.6% of their operable capacity last week.

3. U.S. crude oil imports averaged 6.7 million barrels per day last week, down by 503,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 6.8 million barrels per day, 3.4% below the same four-week period last year.

4. Propane/propylene inventories rose 2.2 million barrels last week and are well above the upper limit of the average range.

5. Gasoline production averaged over 9.2 million barrels per day, up by 1.6% from the same period last year. Total motor gasoline inventories decreased by 3.3 million barrels last week, but are near the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week.

6. Distillate fuel production averaged over 4.1 million barrels per day over the last four weeks, down by 0.4% from the same period last year.

7. Distillate fuel inventories increased by 1.1 million barrels last week but are in the lower half of the average range for this time of year.