EIA just released its weekly oil inventory report for the week ending on May 15, 2015.  You can view the full report here. Crude oil prices increased for 9 consecutive weeks, followed by a slight decline on Tuesday, May 19. Prices are picking up today, Wednesday.

Here are the EIA report highlights:

  1. U.S. commercial crude oil inventories excluding those in the Strategic Petroleum Reserve decreased by 2.7 million barrels from the previous week. At 482.2 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 over 16.2 million barrels per day during the week ending May 15, 2015, which is 245,000 barrels per day more than the previous week’s average. Refineries operated at 92.4% of their operable capacity last week.
  3. U.S. crude oil imports averaged 7.2 million barrels per day last week, up by 318,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 7.0 million barrels per day, 0.4% above the same four-week period last year.
  4. Propane/propylene inventories rose 2.6 million barrels last week and are well above the upper limit of the average range.
  5. Gasoline production decreased last week, averaging about 9.7 million barrels per day. Total motor gasoline inventories decreased by 2.8 million barrels last week, but are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 0.5 million barrels last week and are in the lower half of the average range for this time of year.
  6. Distillate fuel production decreased last week, averaging over 4.8 million barrels per day.
  7. Distillate fuel inventories decreased by 0.5 million barrels last week and are in the lower half of the average range for this time of year. Total commercial petroleum inventories decreased by 2.1 million barrels last week. Total products supplied over the last four-week period averaged about 19.7 million barrels per day, up by 3.9% from the same period last year.

Have oil prices finally bottomed out? Check out the video below: