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Update: Weekly US Crude Inventories Drop by 3.3 Million Barrels, EIA Says

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(Updates to include additional details.)

US crude oil inventories decreased by 3.3 million barrels to 441.7 mmbbls in the week ended May 22, the Energy Information Administration said in its weekly report on Thursday.

Crude inventories are now about 2% below the five-year average for this time of year, the EIA said.

The decline is below Macquarie's forecast of a 1.4-mmbbl draw for the week ending May 22.

US Strategic Petroleum Reserve inventories fell to 365.1 mmbbls for the week ended May 22, down from 374.2 mmbbls a week ago, marking a weekly decline of 9.1 mmbbls, EIA data showed.

Crude oil input to refineries increased by 652,000 barrels per day from the previous week to average about 17 mmb/d in the week ending May 22. Crude oil production rose by 13,000 b/d to 13.7 mmb/d. Commercial crude imports decreased by 804,000 b/d to average about 5.2 mmb/d.

Total motor gasoline stockpiles decreased by 2.6 mmbbls from last week to 211.6 mmbbls, and distillate stocks dropped by 2.1 mmbbls to 100.8 mmbbls, the agency said.

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