EIA: US crude inventories down 700,000 bbl

July 19, 2023
US crude oil inventories for the week ended July 14, excluding the Strategic Petroleum Reserve, decreased by 700,000 bbl from the previous week, according to data from the US Energy Information Administration.

US crude oil inventories for the week ended July 14, excluding the Strategic Petroleum Reserve, decreased by 700,000 bbl from the previous week, according to data from the US Energy Information Administration.

At 457.4 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 by 1.1 million bbl from last week and are about 7% below the 5-year range for this time of year. Finished gasoline inventories decreased while blending component inventories increased last week. Distillate fuel inventories slightly increased last week and are about 14% below the 5-year average for this time of year.

Propane-propylene inventories increased by 900,000 bbl and are 24% above the 5-year average for this time of year, EIA said.

US refinery inputs averaged 16.6 million b/d for the week ended July 14, about 75,000 b/d less than the previous week’s average. Refineries operated at 94.3% of capacity.

Gasoline production decreased, averaging 9.5 million b/d. Distillate fuel production decreased, averaging 5.0 million b/d.

US crude oil imports averaged 7.2 million b/d, up 1.3 million b/d from the previous week. Over the last 4 weeks, crude oil imports averaged 6.7 million b/d, 2.5% more than the same period last year. Total motor gasoline imports averaged 717,000 b/d. Distillate fuel imports averaged 63,000 b/d.