US crude oil inventories for the week ended July 31, excluding the Strategic Petroleum Reserve, decreased by 7.4 million bbl from the previous week, according to data from the US Energy Information Administration.
At 518.6 million bbl, US crude oil inventories are 16% above the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories increased by 419,000 bbl and are 8% above the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories increased by 1.6 million bbl and are about 27% above the 5-year average for this time of year.
Propane-propylene inventories increased by 2.3 million bbl last week and are about 13% 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 31, about 42,000 b/d more than the previous week’s average. Refineries operated at 79.6% of capacity.
Gasoline production increased, averaging 9.3 million b/d. Distillate fuel production increased, averaging 4.9 million b/d.
US crude oil imports averaged 6.0 million b/d, up 900,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 5.7 million b/d, 18.1% less than the same period last year. Total motor gasoline imports averaged 657,000 b/d. Distillate fuel imports averaged 131,000 b/d.
