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Update: Weekly US Crude Inventories Drop by 4.3 Million Barrels, EIA Says

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(Updates to include additional details.)

US crude oil inventories decreased by 4.3 million barrels to 452.9 mmbbls in the week ended May 8, the Energy Information Administration said in its weekly report on Wednesday.

Crude inventories are now about 0.3% above the five-year average for this time of year, the EIA said.

Crude oil input to refineries increased by 369,000 barrels per day from the previous week to average about 16.4 mmb/d in the week ending May 8. Crude oil production rose by 137,000 b/d to 13.7 mmb/d.

Commercial crude imports increased by 424,000 b/d to average about 5.9 mmb/d. Total motor gasoline stockpiles decreased by 4.1 mmbbls from last week to 215.7 mmbbls, and distillate stocks increased by 200,000 b/d to 102.5 mmbbls, the agency said.

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