May 13, 2015 – EIA just released its weekly oil inventory report for the week ending on May 8, 2015.  You can view the full report here.

Oil prices are currently going up, partially due to U.S. decreased oil production this week.

Here are the EIA report highlights:

1. U.S. commercial crude oil inventories excluding those in the Strategic Petroleum Reserve decreased by 2.2 million barrels from the previous week down to 484.8 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 16.0 million barrels per day which is 379,000 barrels per day less than the previous week’s average. Refineries operated at 91.2% of their operable capacity last week.

3. U.S. crude oil imports averaged 6.9 million barrels per day last week, up by 340,000 barrels per day from the previous week. Over the last 4 weeks, crude oil imports averaged about 7.2 million barrels per day, 2.2% below the same four-week period last year.

4. Propane/propylene inventories rose 1.9 million barrels last week and are well above the upper limit of the average range.

5. Gasoline production increased last week, averaging 9.7 million barrels per day. Total motor gasoline inventories decreased by 1.1 million barrels last week, but are well above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Over the last four weeks, motor gasoline product supplied averaged over 9.0 million barrels per day, up by 3.0% from the same period last year. Distillate fuel product supplied averaged about 4.1 million barrels per day over the last four weeks, down by 0.5% from the same period last year. Jet fuel product supplied is up 9.0% compared to the same four-week period last year.

6. Distillate fuel production decreased last week, averaging 4.9 million barrels per day. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 776,000 barrels per day. Distillate fuel imports averaged 294,000 barrels per day last week.

7. Distillate fuel inventories decreased by 2.5 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 5.5 million barrels last week. Total products supplied over the last four-week period averaged 19.4 million barrels per day, up by 3.6% from the same period last year.

U.S. Oil production dip is currently driving heating oil prices higher. To find out more about the current oil price hike please see this video: