EIA: US crude inventories down 3.1 million bbl

US crude oil inventories for the week ended July 12, excluding the Strategic Petroleum Reserve, decreased by 3.1 million bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended July 12, excluding the Strategic Petroleum Reserve, decreased by 3.1 million bbl from the previous week, according to data from the US Energy Information Administration.

Separately, the American Petroleum Institute said its own estimates showed US crude inventories decreased by 1.4 million bbl for the week.

At 455.9 million bbl, US crude oil inventories are 4% above the 5-year average for this time of year, the report indicated.

EIA said total motor gasoline inventories increased by 3.6 million bbl and are 2% above the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both increased last week. Distillate fuel inventories increased by 5.7 million bbl and are about 2% below the 5-year average for this time of year.

Propane-propylene inventories increased by 500,000 bbl last week and are about 5% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 17.3 million b/d for the week ended July 12, about 172,000 b/d less than the previous week’s average. Refineries operated at 94.4% of capacity.

Gasoline production decreased, averaging 9.9 million b/d. Distillate fuel production increased, averaging 5.4 million b/d.

US crude oil imports averaged 6.8 million b/d, down by 470,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 7.1 million b/d, 16.3% less than the same period last year. Total motor gasoline imports averaged 852,000 b/d. Distillate fuel imports averaged 132,000 b/d.

More in General Interest