The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by 2 million barrels last week, maintaining a total U.S. commercial crude inventory of 540.6 million barrels. The commercial crude inventory remains at historically high levels for this time of year, according to the EIA.

Tuesday evening the American Petroleum Institute (API) reported that crude inventories fell by 1.1 million barrels in the week ending April 22. For the same period, analysts at Platts had estimated an increase of 800,000 barrels in crude inventories. API also reported gasoline supplies fell by 400,000 barrels and distillate stockpiles fell by a million barrels.

Total gasoline inventories increased by 1.6 million barrels last week, according to the EIA, and remain well above the upper limit of the five-year average range. Total motor gasoline supplied (the agency’s measure of consumption) averaged 9.4 million barrels a day for the past four weeks, up by 5.6% compared with the same period a year ago.

U.S. crude production is on track to decline year over year in 2016. In the first quarter of this year, production has dropped by 370,000 barrels a day, according the EIA. Production could decline by as much as 700,000 barrels a day by the end of the year.

Analysts at RBN Energy have tracked a group of 30 exploration and production companies, including both small and large firms, but not including either Exxon or Chevron. These 30 firms are cutting capital spending in half compared with 2015 levels to $30.6 billion, down from $60.3 billion last year and $94.9 billion in 2014.

RBN Energy forecasts that the large exploration and production companies like ConocoPhillips, Hess and Occidental will cut production by 10% year over year, and that smaller companies like Continental, Concho Resources and Energen will drop production by 7%. Production grew by 6% over all 30 companies last year, even with the large drop in capital expenditures.

Before the EIA report, benchmark West Texas Intermediate (WTI) crude for June delivery traded up about 2% at around $44.84 a barrel and slipped to around $44.34 shortly after the report’s release. The 52-week range on WTI June futures is $30.79 to $65.93.

Distillate inventories decreased by 1.7 million barrels last week but remain well above the upper limit of the average range for this time of year. Distillate product supplied averaged about 4 million barrels a day over the past four weeks, down by 0.1% when compared with the same period last year. Distillate production averaged over 4.6 million barrels a day last week, down by about 100,000 barrels a day from the prior week.

For the past week, crude imports averaged 7.6 million barrels a day, down by 637,000 barrels a day compared with the previous week. Refineries were running at 88.1% of capacity, with daily input averaging 15.8 million barrels, about 257,000 barrels a day below the previous week’s average.

According to AAA, the current national average pump price per gallon of regular gasoline is $2.152, up from $2.107 a week ago and up nearly 12 cents compared with the month-ago price. Last year at this time, a gallon of regular gasoline cost $2.536 on average in the United States.

Here is a look at how share prices for two blue-chip stocks and two exchange traded funds reacted to this latest report.

Exxon Mobil Corp. (NYSE: XOM) traded up about 0.7%, at $88.62 in a 52-week range of $66.55 to $90.09. Over the past 12 months, Exxon stock has traded up about 1.3% and is down about 15% since August 2014, as of Tuesday’s close.

Chevron Corp. (NYSE: CVX) traded up about 0.5%, at $102.92 in a 52-week range of $69.58 to $112.20. As of Tuesday’s close, Chevron shares have dropped about 6.3% over the past 12 months and trade down nearly 23% since August 2014.

The United States Oil ETF (NYSEMKT: USO) traded up about 0.5%, at $10.86 in a 52-week range of $7.67 to $21.50.

The Market Vectors Oil Services ETF (NYSEMKT: OIH) traded up about 2.3% to $29.32, in a 52-week range of $20.46 to $39.80.

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