US crude oil inventories for the week ended July 7, excluding the Strategic Petroleum Reserve, increased by 5.9 million bbl from the previous week, according to data from the US Energy Information Administration.
At 458.1 million bbl, US crude oil inventories are about 1% above the 5-year average for this time of year, the EIA report indicated.
EIA said total motor gasoline inventories decreased slightly from last week and are about 7% below the 5-year range for this time of year. Finished gasoline inventories increased while blending component inventories decreased last week. Distillate fuel inventories increased by 4.8 million bbl and are about 14% below the 5-year average for this time of year.
Propane-propylene inventories increased by 2.7 million bbl and are about 26% above the 5-year average for this time of year, EIA said.
US refinery inputs averaged 16.7 million b/d for the week ended July 7, about 630,000 b/d more than the previous week’s average. Refineries operated at 93.7% of capacity.
Gasoline production decreased, averaging 10.1 million b/d. Distillate fuel production increased, averaging 5.1 million b/d.
US crude oil imports averaged 5.9 million b/d, down 1.2 million b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.4 million b/d, 0.3% more than the same period last year. Total motor gasoline imports averaged 779,000 b/d. Distillate fuel imports averaged 71,000 b/d.