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US gasoline inventories climb 3.7 million barrels ahead of Memorial Day

The U.S. Energy Information Administration reported May 22 in its "Weekly Petroleum Status Report" that domestic gasoline inventories climbed higher as refinery runs eased in the week to May 17.

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Total U.S. crude oil inputs declined 0.6% on the week to 16.6 million barrels per day for a trailing four-week average of 16.5 million bbl/d, down 0.3% from the same period a year ago but 0.8% above the average seen during the previous five years. The EIA pegged U.S. refinery utilization at 89.9%, down from the year-ago level of 91.8% and from the five-year average level of 91.7%, with PADD 3 and PADD 4 seeing utilization above 90%.

Meanwhile, gasoline production was in line with historical averages. Finished motor gasoline production was even with the prior week to bring the trailing four-week average to 10.0 million bbl/d, down 0.1% from the year-ago level and in line with the five-year average.

Distillate production declined 1.1% on the week, bringing the trailing four-week average to 5.1 million bbl/d, up 2.9% from the same week a year ago and up 4.4% versus the five-year average.

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U.S. crude oil inventories, excluding the strategic petroleum reserve, climbed by 4.7 million barrels from the week prior to 476.8 million barrels, while total gasoline inventories climbed by 3.7 million barrels to 228.7 million barrels. Distillate inventories climbed by 768,000 barrels to 126.4 million barrels.

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