US crude oil inventories for the week ended July 24, excluding the Strategic Petroleum Reserve, decreased by 10.6 million bbl from the previous week, according to data from the US Energy Information Administration.
At 526.0 million bbl, US crude oil inventories are 17% above the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 700,000 bbl and are 8% 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 500,000 bbl and are about 26% above the 5-year average for this time of year.
Propane-propylene inventories increased by 2.0 million bbl last week and are about 12% above the 5-year average for this time of year, EIA said.
US refinery inputs averaged 14.6 million b/d for the week ended July 24, about 389,000 b/d more than the previous week’s average. Refineries operated at 79.5% of capacity.
Gasoline production increased, averaging 9.2 million b/d. Distillate fuel production increased, averaging 4.8 million b/d.
US crude oil imports averaged 5.1 million b/d, down 800,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.0 million b/d, 13.6% less than the same period last year. Total motor gasoline imports averaged 924,000 b/d. Distillate fuel imports averaged 148,000 b/d.
