As of May 11th, US oil refineries received 15 million barrels of oil a day, which was 302k b/d more than a week before. The refining capacity was equal to 88.3%. Gasoline production increased up to 9,1 million b/d.
Oil import declined by 86K b/d down to 8.9 million b/d. The 4-week average was around 8.9 million b/d. Last week’s overall import of gasoline reached 675K b/d while last week’s import of distillates neared 81K b/d.
Crude oil reserves increased by 2.1 million barrels up to 381.6 million barrels. The following readings are around those seen in 1990. The overall reserves of gasoline shrank by 2.8 million barrels. However, the overall reserves of oil products increased by 2.9 million barrels.
The demand for oil products nearly touch 18.7 million b/d (+0.45). The demand for gasoline reached 8.8 million b/d. In general, the consumption of oil products was lower than last year.
According to the Commodity Trading Department of , record-high reserves, lower demand, stronger dollar and Greek crisis keep pressing oil prices.
