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Update: Weekly US Crude Inventories Drop by 2.3 Million Barrels, EIA Says

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-- (Updates to include additional details.)

US crude oil inventories decreased by 2.3 million barrels to 457.2 mmbbls in the week ended May 1, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories are now about 1% above the five-year average for this time of year, the EIA said.

Crude oil input to refineries dropped by 42,000 barrels per day from the previous week to average about 16 mmb/d in the week ending May 1. Crude oil production dropped by 13,000 b/d to 13.6 mmb/d.

Commercial crude imports decreased by 273,000 b/d to average about 5.5 mmb/d. Total motor gasoline stockpiles decreased by 2.5 mmbbls from last week to 219.8 mmbbls, and distillate stocks decreased by 1.3 mmbbls to 102.3 mmbbls, the agency said.

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