US crude oil inventories for the week ended July 2, excluding the Strategic Petroleum Reserve, decreased by 6.9 million bbl from the previous week, according to data from the US Energy Information Administration.
At 445.5 million bbl, US crude oil inventories are 7% below the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories decreased by 6.1 million bbl from last week and about 2% below the 5-year range for this time of year. Finished gasoline inventories and blending component inventories both decreased last week. Distillate fuel inventories increased by 1.6 million bbl last week and are 6% below the 5-year average for this time of year.
Propane-propylene inventories increased by 500,000 bbl and are about 18% below the 5-year average for this time of year, EIA said.
US refinery inputs averaged 16.1 million b/d for the week ended July 2, about 184,000 b/d less than the previous week’s average. Refineries operated at 92.2% of capacity.
Gasoline production increased, averaging 10.6 million b/d. Distillate fuel production decreased, averaging 5.0 million b/d.
US crude oil imports averaged 5.9 million b/d, down 500,000 b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.5 million b/d, 2.2% less than the same period last year. Total motor gasoline imports averaged 1.0 million b/d. Distillate fuel imports averaged 131,000 b/d.